Wells Fargo & Company Forecasts Strong Price Appreciation for First Interstate BancSystem (NASDAQ:FIBK) Stock

First Interstate BancSystem (NASDAQ:FIBK) had its price target upped by investment analysts at Wells Fargo & Company from $34.00 to $36.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential downside of 6.04% from the company’s current price.

FIBK has been the topic of a number of other reports. Benchmark upgraded First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd. DA Davidson restated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Stephens boosted their price target on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, October 29th. Weiss Ratings restated a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Finally, Barclays raised their price objective on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a research note on Monday, October 5th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, First Interstate BancSystem currently has an average rating of “Reduce” and an average target price of $37.43.

First Interstate BancSystem Stock Up 1.4%

Shares of NASDAQ:FIBK opened at $38.32 on Monday. The business’s 50 day simple moving average is $36.55 and its two-hundred day simple moving average is $36.33. The firm has a market cap of $3.65 billion, a P/E ratio of 11.97 and a beta of 0.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.68 and a current ratio of 0.68. First Interstate BancSystem has a 52-week low of $29.39 and a 52-week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). The firm had revenue of $43.30 million during the quarter, compared to analyst estimates of $247.93 million. First Interstate BancSystem had a net margin of 23.30% and a return on equity of 9.49%. As a group, research analysts forecast that First Interstate BancSystem will post 2.79 EPS for the current fiscal year.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 4,175 shares of the firm’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $37.31, for a total transaction of $155,769.25. Following the transaction, the insider directly owned 807,738 shares of the company’s stock, valued at $30,136,704.78. This trade represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Scott, Jr. sold 3,108 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $38.00, for a total transaction of $118,104.00. Following the transaction, the director owned 77,634 shares in the company, valued at approximately $2,950,092. This trade represents a 3.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 40,858 shares of company stock worth $1,520,287 in the last quarter. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new position in shares of First Interstate BancSystem during the 2nd quarter worth approximately $26,000. Root Financial Partners LLC bought a new position in shares of First Interstate BancSystem in the third quarter valued at approximately $25,000. Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem in the third quarter valued at approximately $28,000. Fulcrum Asset Management LLP increased its position in shares of First Interstate BancSystem by 294.3% during the third quarter. Fulcrum Asset Management LLP now owns 1,388 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of First Interstate BancSystem during the second quarter valued at approximately $62,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management.

Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States.

Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.