Keefe, Bruyette & Woods Issues Positive Forecast for First Interstate BancSystem (NASDAQ:FIBK) Stock Price

First Interstate BancSystem (NASDAQ:FIBK) had its target price increased by research analysts at Keefe, Bruyette & Woods from $32.00 to $36.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 4.99% from the stock’s current price.

Several other brokerages also recently commented on FIBK. Stephens reissued an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Piper Sandler lowered their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Tuesday. Finally, DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK traded down $0.02 during midday trading on Wednesday, reaching $34.29. The company’s stock had a trading volume of 98,143 shares, compared to its average volume of 670,653. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $3.58 billion, a P/E ratio of 15.04 and a beta of 0.84. The business’s 50 day moving average price is $32.09 and its two-hundred day moving average price is $29.90. First Interstate BancSystem has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the prior year, the company earned $0.70 EPS. On average, analysts forecast that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

Insider Activity

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total transaction of $745,290.00. Following the sale, the insider now owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is currently owned by insiders.

Institutional Trading of First Interstate BancSystem

Several large investors have recently modified their holdings of FIBK. Dimensional Fund Advisors LP lifted its position in shares of First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after acquiring an additional 367,212 shares during the period. Empower Advisory Group LLC increased its stake in First Interstate BancSystem by 4.8% during the 3rd quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after purchasing an additional 21,191 shares in the last quarter. Versor Investments LP acquired a new position in First Interstate BancSystem during the third quarter worth $914,000. CWM LLC lifted its stake in shares of First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after buying an additional 430 shares in the last quarter. Finally, Quest Partners LLC grew its holdings in shares of First Interstate BancSystem by 1,115.4% during the third quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider’s stock valued at $2,546,000 after buying an additional 76,169 shares during the last quarter. Institutional investors and hedge funds 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.