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

First Interstate BancSystem (NASDAQ:FIBK) had its target price upped by Barclays from $37.00 to $38.00 in a research note released on Monday,Benzinga reports. Barclays currently has an underweight rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on FIBK. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. DA Davidson reiterated a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Benchmark raised First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd. Wells Fargo & Company restated an “underweight” rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a research note on Monday, September 28th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $37.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $34.74 on Monday. The stock has a market cap of $3.31 billion, a P/E ratio of 10.69 and a beta of 0.73. First Interstate BancSystem has a twelve month low of $29.10 and a twelve month high of $40.60. The stock has a 50 day moving average of $37.21 and a two-hundred day moving average of $36.41. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. During the same period last year, the firm posted $0.69 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, research analysts forecast that First Interstate BancSystem will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.4%. First Interstate BancSystem’s payout ratio is presently 57.85%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan Scott sold 16,929 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $37.03, for a total transaction of $626,880.87. Following the completion of the transaction, the insider directly owned 825,809 shares of the company’s stock, valued at $30,579,707.27. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the sale, the insider owned 484,309 shares of the company’s stock, valued at approximately $18,229,390.76. The trade was a 0.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 27,700 shares of company stock worth $1,029,476. Company insiders own 8.00% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Several hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in First Interstate BancSystem during the second quarter worth $529,533,000. Dimensional Fund Advisors LP boosted its position in shares of First Interstate BancSystem by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock worth $188,066,000 after purchasing an additional 231,405 shares in the last quarter. Capital International Investors purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth $92,504,000. Bank of America Corp DE grew its stake in shares of First Interstate BancSystem by 1.4% during the 1st quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider’s stock worth $59,388,000 after purchasing an additional 24,250 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of First Interstate BancSystem by 214.9% during the 1st quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider’s stock worth $39,998,000 after purchasing an additional 817,235 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.