First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $38.00

First Interstate BancSystem (NASDAQ:FIBK) had its target price hoisted by Stephens from $37.00 to $38.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Other analysts also recently issued research reports about the stock. Barclays lifted their price target 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. Benchmark raised First Interstate BancSystem to a “hold” rating in a research note on Wednesday, September 23rd. Wells Fargo & Company reissued an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note 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 report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Reduce” and an average target price of $37.14.

First Interstate BancSystem Trading Down 0.8%

Shares of FIBK opened at $37.65 on Thursday. First Interstate BancSystem has a 1-year low of $29.39 and a 1-year high of $40.60. The company has a 50-day moving average of $36.45 and a 200 day moving average of $36.29. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 11.73 and a beta of 0.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.03). The company had revenue of $249.50 million during the quarter, compared to analysts’ expectations of $247.93 million. First Interstate BancSystem had a net margin of 29.18% and a return on equity of 9.49%. On average, research analysts expect that First Interstate BancSystem will post 2.79 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, November 3rd will be issued a $0.47 dividend. The ex-dividend date is Tuesday, November 3rd. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. First Interstate BancSystem’s payout ratio is currently 58.57%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 2,700 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the transaction, the insider directly owned 484,309 shares of the company’s stock, valued at $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jonathan R. Scott sold 4,175 shares of First Interstate BancSystem stock in a transaction that occurred on 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 in the company, valued at approximately $30,136,704.78. The trade was a 0.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 37,700 shares of company stock valued at $1,400,271 in the last ninety days. Corporate insiders own 8.00% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of First Interstate BancSystem by 17.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock valued at $70,000 after acquiring an additional 315 shares during the period. GAMMA Investing LLC lifted its stake in shares of First Interstate BancSystem by 31.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider’s stock worth $96,000 after purchasing an additional 639 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in First Interstate BancSystem during the second quarter valued at about $26,000. Root Financial Partners LLC bought a new stake in First Interstate BancSystem during the third quarter valued at about $25,000. Finally, AdvisorNet Financial Inc boosted its position in First Interstate BancSystem by 18.1% during the third quarter. AdvisorNet Financial Inc now owns 6,055 shares of the financial services provider’s stock valued at $208,000 after purchasing an additional 930 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.