First Interstate BancSystem (NASDAQ:FIBK) Price Target Increased to $24.00 by Analysts at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) had its target price boosted by Wells Fargo & Company from $23.00 to $24.00 in a research report released on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the stock. Barclays initiated coverage on shares of First Interstate BancSystem in a research note on Friday, March 8th. They set an equal weight rating and a $28.00 target price for the company. TheStreet lowered shares of First Interstate BancSystem from a b- rating to a c+ rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $29.00.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $24.97 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. The stock has a market cap of $2.60 billion, a P/E ratio of 10.07 and a beta of 0.87. The company has a 50-day moving average price of $26.24 and a 200 day moving average price of $26.62. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The company had revenue of $252.30 million during the quarter, compared to analyst estimates of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. Sell-side analysts anticipate that First Interstate BancSystem will post 2.17 earnings per share for the current year.

First Interstate BancSystem Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 19th. Stockholders of record on Friday, February 9th were paid a $0.47 dividend. This is a positive change from First Interstate BancSystem’s previous quarterly dividend of $0.20. The ex-dividend date was Thursday, February 8th. This represents a $1.88 annualized dividend and a dividend yield of 7.53%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 75.81%.

Insider Activity at First Interstate BancSystem

In related news, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at $233,684.01. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at $233,684.01. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now directly owns 20,599 shares in the company, valued at approximately $551,229.24. The disclosure for this sale can be found here. Insiders have sold a total of 7,531 shares of company stock valued at $197,645 over the last 90 days. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its position in shares of First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after buying an additional 744 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of First Interstate BancSystem by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after buying an additional 533,293 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $164,000. Wellington Management Group LLP lifted its position in shares of First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after buying an additional 142,069 shares during the last quarter. Finally, Sierra Summit Advisors LLC purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $266,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.