Wells Fargo & Company Issues Pessimistic Forecast for First Interstate BancSystem (NASDAQ:FIBK) Stock Price

First Interstate BancSystem (NASDAQ:FIBK - Free Report) had its price target lowered by Wells Fargo & Company from $30.00 to $25.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an underweight rating on the financial services provider's stock.

Several other analysts also recently weighed in on FIBK. UBS Group assumed coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a "neutral" rating and a $35.00 target price for the company. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Barclays reduced their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. Stephens lowered their price target on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Finally, StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Monday, March 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $35.00.

First Interstate BancSystem Stock Up 1.7 %

Shares of First Interstate BancSystem stock traded up $0.42 during trading hours on Wednesday, reaching $24.75. 943,212 shares of the company were exchanged, compared to its average volume of 631,863. The firm has a market cap of $2.59 billion, a PE ratio of 11.30 and a beta of 0.81. The stock's fifty day moving average is $29.25 and its 200 day moving average is $31.33. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, equities research analysts forecast that First Interstate BancSystem will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 7.60%. The ex-dividend date was Monday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is 85.84%.

Insiders Place Their Bets

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the company's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the sale, the director now owns 1,414,886 shares in the company, valued at $46,068,688.16. This represents a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wood Tarver Financial Group LLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in First Interstate BancSystem in the 4th quarter valued at about $69,000. Covestor Ltd raised its position in shares of First Interstate BancSystem by 25.8% during the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after purchasing an additional 510 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of First Interstate BancSystem by 826.3% in the fourth quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after acquiring an additional 2,231 shares during the last quarter. Finally, KBC Group NV raised its stake in First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock valued at $130,000 after purchasing an additional 1,022 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

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.