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

First Interstate BancSystem (NASDAQ:FIBK) had its price objective upped by analysts at Barclays from $36.00 to $38.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective would suggest a potential downside of 3.64% from the stock’s previous close.

Several other analysts also recently issued reports on FIBK. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. DA Davidson cut First Interstate BancSystem from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $41.00 to $39.00 in a research report on Wednesday, May 27th. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. UBS Group boosted their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Finally, Piper Sandler reduced their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $37.33.

First Interstate BancSystem Stock Up 0.1%

Shares of FIBK stock traded up $0.06 during trading hours on Tuesday, hitting $39.44. 287,216 shares of the company were exchanged, compared to its average volume of 1,163,390. The business has a 50 day moving average of $36.15 and a two-hundred day moving average of $35.70. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a 52 week low of $27.60 and a 52 week high of $39.65. The company has a market capitalization of $3.83 billion, a PE ratio of 12.85 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The business had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the previous year, the firm posted $0.49 EPS. Analysts anticipate that First Interstate BancSystem will post 2.66 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the transaction, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,392 shares of company stock valued at $1,161,552 over the last quarter. 8.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

A number of large investors have recently added to or reduced their stakes in FIBK. Capital International Investors bought a new stake in First Interstate BancSystem during the fourth quarter worth about $92,504,000. State Street Corp increased its holdings in First Interstate BancSystem by 29.7% in the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after buying an additional 1,254,321 shares during the period. Vanguard Group Inc. raised its position in shares of First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after buying an additional 1,214,454 shares in the last quarter. Azora Capital LP lifted its holdings in shares of First Interstate BancSystem by 1,538.7% during the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock worth $40,656,000 after acquiring an additional 1,197,843 shares during the period. Finally, North Reef Capital Management LP boosted its position in shares of First Interstate BancSystem by 132.4% during the 4th quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock worth $68,335,000 after acquiring an additional 1,124,999 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.