First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $36.00

First Interstate BancSystem (NASDAQ:FIBK) had its target price raised by Wells Fargo & Company from $34.00 to $36.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the company. Barclays upped their price objective on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a report on Monday, October 5th. DA Davidson reiterated a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. Stephens lifted their target price on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, October 29th. Finally, Benchmark raised First Interstate BancSystem to a “hold” rating in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of “Reduce” and a consensus price target of $37.43.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $37.80 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.68 and a quick ratio of 0.68. The firm’s 50-day moving average is $36.64 and its two-hundred day moving average is $36.34. First Interstate BancSystem has a 12 month low of $29.39 and a 12 month high of $40.60. The company has a market capitalization of $3.50 billion, a PE ratio of 11.84 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.03). First Interstate BancSystem had a net margin of 23.30% and a return on equity of 9.49%. The firm had revenue of $43.30 million during the quarter, compared to analyst estimates of $247.93 million. Analysts predict that First Interstate BancSystem will post 2.79 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, November 3rd will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.0%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 58.57%.

Insider Activity

In other news, major shareholder Jonathan R. Scott sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $38.53, for a total value of $385,300.00. Following the transaction, the insider directly owned 797,738 shares in the company, valued at approximately $30,736,845.14. This represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the transaction, the insider directly owned 484,309 shares of the company’s stock, valued at $18,229,390.76. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 50,858 shares of company stock valued at $1,905,587. Company insiders own 8.00% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its position in First Interstate BancSystem by 17.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock valued at $70,000 after purchasing an additional 315 shares during the period. Keybank National Association OH boosted its position in shares of First Interstate BancSystem by 5.8% during the third quarter. Keybank National Association OH now owns 8,901 shares of the financial services provider’s stock worth $318,000 after buying an additional 491 shares during the period. GAMMA Investing LLC boosted its position in shares of First Interstate BancSystem by 31.0% during the third quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider’s stock worth $96,000 after buying an additional 639 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of First Interstate BancSystem during the second quarter worth $26,000. Finally, Root Financial Partners LLC acquired a new stake in shares of First Interstate BancSystem in the third quarter valued at $25,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc. is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management. Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States. Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.