First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $30.00

First Interstate BancSystem (NASDAQ:FIBK) had its price objective upped by Wells Fargo & Company from $29.00 to $30.00 in a research report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on FIBK. Barclays lifted 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. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. UBS Group initiated coverage on First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target on the stock. Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, DA Davidson reiterated a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $36.14.

First Interstate BancSystem Stock Down 3.6 %

First Interstate BancSystem stock opened at $31.75 on Monday. The business’s 50-day moving average price is $33.10 and its 200 day moving average price is $31.61. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 14.50 and a beta of 0.85. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.54 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Monday, February 10th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date of this dividend is Monday, February 10th. First Interstate BancSystem’s payout ratio is 85.85%.

Insider Activity

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of First Interstate BancSystem stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares in the company, valued at $20,817,561.82. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock worth $1,839,583 over the last three months. Insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Institutional investors have recently made changes to their positions in the company. Jennison Associates LLC increased its stake in First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after acquiring an additional 654,688 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of First Interstate BancSystem by 37,734.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after purchasing an additional 141,128 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in First Interstate BancSystem by 100.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock valued at $6,485,000 after buying an additional 105,670 shares during the period. Wellington Management Group LLP lifted its position in First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after buying an additional 78,596 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in First Interstate BancSystem during the third quarter worth about $2,362,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

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.