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

First Interstate BancSystem (NASDAQ:FIBK - Free Report) had its target price raised by Wells Fargo & Company from $29.00 to $30.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider's stock.

Several other equities analysts have also commented on FIBK. Piper Sandler lowered their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a research report on Monday, October 28th. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. StockNews.com downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Tuesday, December 24th. Stephens lowered their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. Finally, UBS Group began coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They set a "neutral" rating and a $35.00 price target on the stock. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $36.14.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK traded up $0.20 during trading hours on Monday, reaching $33.23. 455,529 shares of the stock were exchanged, compared to its average volume of 617,243. The firm has a 50 day simple moving average of $32.92 and a 200-day simple moving average of $31.63. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The stock has a market capitalization of $3.47 billion, a P/E ratio of 15.17 and a beta of 0.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its 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, sell-side analysts forecast that First Interstate BancSystem will post 2.54 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Monday, February 10th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.66%. The ex-dividend date of this dividend is Monday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.85%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the business's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now directly owns 75,387 shares of the company's stock, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the transaction, the insider now owns 613,019 shares of the company's stock, valued at $20,720,042.20. This trade represents a 3.47 % decrease in their position. 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. 6.90% of the stock is owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in First Interstate BancSystem during the second quarter valued at approximately $825,000. AQR Capital Management LLC purchased a new position in shares of First Interstate BancSystem during the 2nd quarter valued at $242,000. The Manufacturers Life Insurance Company increased its stake in shares of First Interstate BancSystem by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider's stock worth $1,370,000 after acquiring an additional 598 shares during the last quarter. Algert Global LLC purchased a new stake in shares of First Interstate BancSystem during the second quarter worth $261,000. Finally, Creative Planning boosted its position in First Interstate BancSystem by 11.6% during the second quarter. Creative Planning now owns 24,415 shares of the financial services provider's stock valued at $678,000 after purchasing an additional 2,545 shares during the last quarter. 88.71% of the stock is currently owned by hedge funds and other 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.