First Interstate BancSystem (NASDAQ:FIBK) Coverage Initiated at UBS Group

Analysts at UBS Group started coverage on shares of First Interstate BancSystem (NASDAQ:FIBK) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $35.00 price target on the financial services provider’s stock. UBS Group’s target price points to a potential upside of 9.89% from the stock’s current price.

A number of other brokerages have also weighed in on FIBK. Piper Sandler dropped their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. 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 research report on Wednesday, December 4th. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and raised their price target for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Barclays boosted their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Thursday, December 5th. Finally, Stephens restated an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $35.14.

First Interstate BancSystem Trading Down 5.3 %

NASDAQ:FIBK opened at $31.85 on Tuesday. The firm has a 50 day moving average of $33.01 and a 200 day moving average of $30.41. 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 has a 52 week low of $24.16 and a 52 week high of $36.77. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 13.97 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share 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 period last year, the firm posted $0.70 earnings per share. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock valued at $1,839,583. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings 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 during the period. Massachusetts Financial Services Co. MA lifted its position in shares of First Interstate BancSystem by 1.6% during 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 grew its stake in 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 acquiring an additional 59,367 shares during the period. Wellington Management Group LLP increased its holdings in First Interstate BancSystem by 6.5% in 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in First Interstate BancSystem by 5.2% during the third 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 during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

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.