First Interstate BancSystem (NASDAQ:FIBK) Earns Buy Rating from DA Davidson

First Interstate BancSystem (NASDAQ:FIBK)‘s stock had its “buy” rating reissued by analysts at DA Davidson in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $42.00 price target on the financial services provider’s stock. DA Davidson’s price objective would indicate a potential upside of 23.99% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. UBS Group started coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target for the company. Wells Fargo & Company decreased their price target on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. Piper Sandler cut their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Finally, StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

Shares of FIBK stock traded up $1.01 on Thursday, hitting $33.87. 238,365 shares of the stock were exchanged, compared to its average volume of 584,879. The firm has a market capitalization of $3.54 billion, a PE ratio of 14.87 and a beta of 0.85. First Interstate BancSystem has a one year low of $24.16 and a one year high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm’s 50 day moving average is $33.14 and its two-hundred day moving average is $31.58.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results 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 7.48%. Sell-side analysts expect that First Interstate BancSystem will post 2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 value of $209,311.50. Following the sale, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,837 shares of company stock worth $1,839,583. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

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