First Interstate BancSystem (NASDAQ:FIBK) Price Target Cut to $29.00 by Analysts at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) had its price target dropped by analysts at Wells Fargo & Company from $30.00 to $29.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential downside of 9.69% from the stock’s current price.

FIBK has been the subject of several other research reports. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. UBS Group assumed 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 objective for the company. Stephens reissued an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Barclays raised their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research report on Thursday, December 5th. Finally, Keefe, Bruyette & Woods increased their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Three 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.00.

First Interstate BancSystem Trading Down 0.4 %

Shares of FIBK stock traded down $0.12 on Monday, hitting $32.11. 44,099 shares of the stock traded hands, compared to its average volume of 314,753. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77. The stock has a market capitalization of $3.36 billion, a PE ratio of 14.08 and a beta of 0.85. The firm’s 50-day moving average price is $33.23 and its two-hundred day moving average price is $30.96. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period last year, the firm posted $0.70 EPS. As a group, analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current year.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares in the company, 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. Insiders sold 54,837 shares of company stock worth $1,839,583 in the last 90 days. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its holdings in shares of First Interstate BancSystem by 97.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 15,649 shares during the period. Jane Street Group LLC increased 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 purchasing an additional 22,899 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after buying an additional 367,212 shares during the last quarter. Barclays PLC boosted its stake in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock worth $6,326,000 after buying an additional 32,298 shares during the period. Finally, Empower Advisory Group LLC grew its holdings in shares of First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock worth $14,318,000 after buying an additional 21,191 shares during the last quarter. 88.71% of the stock is 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.