Stephens Cuts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $38.00

First Interstate BancSystem (NASDAQ:FIBK) had its price target lowered by stock analysts at Stephens from $39.00 to $38.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Stephens’ target price would indicate a potential upside of 13.94% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lowered their target price on shares of First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. UBS Group began coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. DA Davidson reiterated a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday. Finally, Barclays raised their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.29.

First Interstate BancSystem Stock Down 0.4 %

Shares of FIBK traded down $0.15 during mid-day trading on Friday, hitting $33.35. 119,789 shares of the company’s stock were exchanged, compared to its average volume of 589,338. The firm has a fifty day moving average of $33.14 and a two-hundred day moving average of $31.58. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 15.23 and a beta of 0.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, sell-side analysts forecast that First Interstate BancSystem will post 2.53 earnings per share for the current year.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total transaction of $745,290.00. Following the sale, the insider now directly owns 613,019 shares in the company, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in First Interstate BancSystem by 3.1% in the third quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after buying an additional 59,367 shares in the last quarter. Jennison Associates LLC raised its stake in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after buying an additional 654,688 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after buying an additional 78,596 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of First Interstate BancSystem by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after buying an additional 52,919 shares during the last quarter. Finally, Empower Advisory Group LLC raised its stake in shares of First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock worth $14,318,000 after buying an additional 21,191 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.