First Interstate BancSystem (NASDAQ:FIBK) Given New $36.00 Price Target at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) had its price target increased by Wells Fargo & Company from $30.00 to $36.00 in a report published on Monday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Several other equities research analysts have also weighed in on FIBK. Piper Sandler lifted their price objective on First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods upped their price objective on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Wall Street Zen upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Weiss Ratings downgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, March 18th. Finally, UBS Group reissued a “neutral” rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research report on Wednesday, February 4th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $39.17.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $32.82 on Monday. First Interstate BancSystem has a 12 month low of $22.95 and a 12 month high of $39.26. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The business’s 50 day simple moving average is $35.63 and its 200 day simple moving average is $34.12. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 11.13 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The business had revenue of $205.10 million during the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period last year, the business posted $0.50 earnings per share. Sell-side analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem’s payout ratio is presently 63.73%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total value of $67,452.84. Following the sale, the insider directly owned 936,024 shares of the company’s stock, valued at approximately $34,558,006.08. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem in the 4th quarter worth $25,000. First Horizon Corp bought a new stake in shares of First Interstate BancSystem during the 3rd quarter worth $26,000. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem in the fourth quarter worth $29,000. EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its stake in First Interstate BancSystem by 1,485.1% in the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.