First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $31.00

First Interstate BancSystem (NASDAQ:FIBK) had its target price raised by Barclays from $30.00 to $31.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on FIBK. Stephens reissued an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.17.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $34.46 on Thursday. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 15.11 and a beta of 0.84. First Interstate BancSystem has a one year low of $24.16 and a one year high of $36.77. The business has a fifty day simple moving average of $32.35 and a 200 day simple moving average of $30.02. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

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

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.47 per share. The ex-dividend date was Monday, November 4th. This represents a $1.88 annualized dividend and a yield of 5.46%. First Interstate BancSystem’s dividend payout ratio (DPR) is 82.46%.

Insiders Place Their Bets

In other news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction 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 completion of the sale, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $32.78, for a total value of $662,811.60. Following the sale, the insider now owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,837 shares of company stock valued at $1,839,583. Insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FIBK. Geode Capital Management LLC lifted its position in First Interstate BancSystem by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after purchasing an additional 59,367 shares during the period. Barclays PLC lifted its holdings in First Interstate BancSystem by 18.6% in the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after buying an additional 32,298 shares during the period. Jane Street Group LLC boosted its stake in First Interstate BancSystem by 13.9% in the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after acquiring an additional 22,899 shares during the last quarter. Wellington Management Group LLP grew its holdings in First Interstate BancSystem by 6.5% during 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 acquiring an additional 78,596 shares during the period. Finally, Systematic Financial Management LP bought a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $840,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.