Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) Price Target at $31.00

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have earned an average recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $31.00.

Several research analysts have weighed in on the company. Wells Fargo & Company reiterated an “equal weight” rating on shares of First Interstate BancSystem in a report on Wednesday, October 4th. StockNews.com started coverage on shares of First Interstate BancSystem in a report on Thursday, October 5th. They set a “sell” rating on the stock. Finally, Piper Sandler reduced their price target on shares of First Interstate BancSystem from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Monday, October 30th.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,000 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $25.09, for a total transaction of $501,800.00. Following the sale, the insider now directly owns 1,183,100 shares of the company’s stock, valued at approximately $29,683,979. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Julie A. Scott sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $25.09, for a total value of $501,800.00. Following the completion of the transaction, the insider now owns 1,183,100 shares in the company, valued at approximately $29,683,979. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Julie A. Scott sold 8,072 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $24.96, for a total value of $201,477.12. Following the sale, the insider now owns 1,215,028 shares in the company, valued at approximately $30,327,098.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,472 shares of company stock valued at $2,110,447. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently made changes to their positions in the company. Captrust Financial Advisors grew its holdings in First Interstate BancSystem by 14.1% during the second quarter. Captrust Financial Advisors now owns 3,288 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 407 shares during the period. Advisor Group Holdings Inc. boosted its stake in shares of First Interstate BancSystem by 5.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider’s stock worth $288,000 after acquiring an additional 422 shares during the period. Mariner LLC increased its holdings in shares of First Interstate BancSystem by 3.5% during the 3rd quarter. Mariner LLC now owns 12,897 shares of the financial services provider’s stock worth $322,000 after acquiring an additional 432 shares during the last quarter. Signaturefd LLC raised its stake in First Interstate BancSystem by 30.8% in the 1st quarter. Signaturefd LLC now owns 2,061 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 485 shares during the period. Finally, Lindbrook Capital LLC lifted its holdings in First Interstate BancSystem by 94.6% during the 2nd quarter. Lindbrook Capital LLC now owns 1,043 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 507 shares during the last quarter. 78.62% of the stock is owned by institutional investors.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $25.56 on Friday. The firm’s 50 day simple moving average is $24.16 and its 200 day simple moving average is $24.84. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $44.71. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 9.40 and a beta of 0.87. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.75 and a quick ratio of 0.75.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, October 25th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. The company had revenue of $255.70 million for the quarter, compared to analyst estimates of $258.97 million. First Interstate BancSystem had a net margin of 20.07% and a return on equity of 9.22%. During the same period last year, the business posted $1.01 earnings per share. As a group, sell-side analysts forecast that First Interstate BancSystem will post 2.6 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 7.36%. The ex-dividend date of this dividend was Friday, November 3rd. First Interstate BancSystem’s payout ratio is 69.37%.

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.