First Interstate BancSystem (NASDAQ:FIBK) Stock Gets Price Target Increase from Barclays

First Interstate BancSystem (NASDAQ:FIBK) had its target price boosted by investment analysts at Barclays from $37.00 to $38.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 6.98% from the stock’s current price.

A number of other research firms have also issued reports on FIBK. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Benchmark upgraded shares of First Interstate BancSystem to a “hold” rating in a research report on Wednesday, September 23rd. Wells Fargo & Company reissued an “underweight” rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. DA Davidson restated a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $37.00.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $35.52 on Monday. The stock has a fifty day moving average price of $37.27 and a two-hundred day moving average price of $36.39. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $3.39 billion, a P/E ratio of 10.93 and a beta of 0.73. First Interstate BancSystem has a 1 year low of $29.10 and a 1 year high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million for the quarter, compared to analysts’ expectations of $249.32 million. During the same period last year, the firm earned $0.69 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts forecast that First Interstate BancSystem will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 8,071 shares of First Interstate BancSystem stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $37.29, for a total value of $300,967.59. Following the transaction, the insider owned 817,738 shares of the company’s stock, valued at approximately $30,493,450.02. This trade represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 2,700 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the sale, the insider owned 484,309 shares in the company, valued at approximately $18,229,390.76. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 27,700 shares of company stock valued at $1,029,476. 8.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FIBK. BlackRock Inc. acquired a new position in First Interstate BancSystem in the 2nd quarter worth approximately $529,533,000. Capital International Investors purchased a new position in First Interstate BancSystem during the 4th quarter worth approximately $92,504,000. Bank of America Corp DE purchased a new position in First Interstate BancSystem during the 2nd quarter worth approximately $56,386,000. Norges Bank acquired a new stake in First Interstate BancSystem during the 4th quarter valued at $38,029,000. Finally, Bank of New York Mellon Corp acquired a new stake in First Interstate BancSystem during the 2nd quarter valued at $38,663,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.