First Interstate BancSystem (NASDAQ:FIBK) Stock Price Expected to Rise, Barclays Analyst Says

First Interstate BancSystem (NASDAQ:FIBK) had its target price boosted by Barclays from $30.00 to $31.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company increased their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their target price 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. Stephens reiterated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research note on Thursday, October 10th. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Finally, Piper Sandler cut their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Two 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.17.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $34.28 on Thursday. First Interstate BancSystem has a 12 month low of $24.16 and a 12 month high of $36.77. The company’s fifty day simple moving average is $32.27 and its 200-day simple moving average is $29.96. The firm has a market cap of $3.58 billion, a PE ratio of 15.04 and a beta of 0.84. 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) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate 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 in the prior year, the firm earned $0.70 EPS. Equities research analysts expect that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.48%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s payout ratio is 82.46%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,837 shares of company stock worth $1,839,583. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of First Interstate BancSystem by 1.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after buying an additional 32,348 shares in the last quarter. Geode Capital Management LLC raised its position in shares of First Interstate BancSystem by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after buying an additional 59,367 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of First Interstate BancSystem by 6.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after acquiring an additional 78,596 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of First Interstate BancSystem by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after acquiring an additional 52,919 shares in 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.