First Interstate BancSystem (NASDAQ:FIBK) Given New $29.00 Price Target at Barclays

First Interstate BancSystem (NASDAQ:FIBK) had its price objective boosted by Barclays from $28.00 to $29.00 in a research note released on Friday, Benzinga reports. Barclays currently has an equal weight rating on the financial services provider’s stock.

FIBK has been the subject of a number of other research reports. Stephens reiterated an overweight rating and issued a $32.00 price target on shares of First Interstate BancSystem in a research report on Thursday. Wells Fargo & Company raised their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. TheStreet lowered First Interstate BancSystem from a b- rating to a c+ rating in a research report on Monday, March 18th. Finally, Keefe, Bruyette & Woods raised their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a market perform rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $29.20.

First Interstate BancSystem Trading Up 0.2 %

NASDAQ:FIBK opened at $27.00 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. First Interstate BancSystem has a 1-year low of $20.81 and a 1-year high of $32.54. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of 10.76 and a beta of 0.87. The stock has a fifty day simple moving average of $26.10 and a 200 day simple moving average of $26.68.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The business had revenue of $252.30 million during the quarter, compared to analyst estimates of $254.50 million. Sell-side analysts forecast that First Interstate BancSystem will post 2.17 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.88 annualized dividend and a dividend yield of 6.96%. First Interstate BancSystem’s dividend payout ratio is 74.90%.

Insider Activity

In other news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now directly owns 20,599 shares in the company, valued at approximately $551,229.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now directly owns 20,599 shares in the company, valued at approximately $551,229.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at $233,684.01. The disclosure for this sale can be found here. Insiders sold a total of 7,531 shares of company stock worth $197,645 in the last three months. 6.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FIBK. Raymond James & Associates raised its stake in shares of First Interstate BancSystem by 4.9% in the 3rd quarter. Raymond James & Associates now owns 18,532 shares of the financial services provider’s stock valued at $462,000 after acquiring an additional 871 shares in the last quarter. Jennison Associates LLC raised its stake in shares of First Interstate BancSystem by 93.4% in the 3rd quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock valued at $35,580,000 after acquiring an additional 688,906 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of First Interstate BancSystem by 37.7% in the 3rd quarter. Teacher Retirement System of Texas now owns 12,153 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 3,328 shares in the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in shares of First Interstate BancSystem in the 3rd quarter valued at approximately $10,857,000. Finally, Bahl & Gaynor Inc. raised its stake in shares of First Interstate BancSystem by 2.2% in the 3rd quarter. Bahl & Gaynor Inc. now owns 704,986 shares of the financial services provider’s stock valued at $17,582,000 after acquiring an additional 15,092 shares in the last quarter. 88.71% of the stock is owned by institutional investors.

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.