First Interstate BancSystem (NASDAQ:FIBK) Price Target Cut to $29.00 by Analysts at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its price target dropped by stock analysts at Wells Fargo & Company from $30.00 to $29.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's target price suggests a potential downside of 9.91% from the company's current price.

Other equities research analysts have also issued research reports about the stock. DA Davidson upgraded shares of First Interstate BancSystem from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Barclays raised their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an "underweight" rating in a report on Thursday, December 5th. UBS Group started coverage on First Interstate BancSystem in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $35.00 target price on the stock. Stephens reissued an "overweight" rating and set a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

Shares of FIBK traded down $0.04 during mid-day trading on Monday, hitting $32.19. The stock had a trading volume of 711,371 shares, compared to its average volume of 546,057. First Interstate BancSystem has a fifty-two week low of $24.16 and a fifty-two week high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The company has a market cap of $3.36 billion, a PE ratio of 14.12 and a beta of 0.85. The company's fifty day simple moving average is $33.24 and its two-hundred day simple moving average is $31.04.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter last year, the company posted $0.70 earnings per share. On average, equities analysts expect that First Interstate BancSystem will post 2.28 earnings per share for the current year.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now directly owns 613,019 shares in the company, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 54,837 shares of company stock valued at $1,839,583. Company insiders own 6.90% of the company's stock.

Institutional Trading of First Interstate BancSystem

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd acquired a new position in First Interstate BancSystem in the third quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of First Interstate BancSystem in the 3rd quarter worth $69,000. CWM LLC grew its holdings in shares of First Interstate BancSystem by 65.0% in the 3rd quarter. CWM LLC now owns 5,152 shares of the financial services provider's stock worth $158,000 after acquiring an additional 2,029 shares during the last quarter. Telos Capital Management Inc. acquired a new stake in shares of First Interstate BancSystem during the third quarter worth $201,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of First Interstate BancSystem during the second quarter valued at $208,000. 88.71% of the stock is currently owned by institutional investors.

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.