Wells Fargo & Company Increases First Interstate BancSystem (NASDAQ:FIBK) Price Target to $24.00

First Interstate BancSystem (NASDAQ:FIBK) had its price objective raised by equities research analysts at Wells Fargo & Company from $23.00 to $24.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 4.34% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. Barclays initiated coverage on shares of First Interstate BancSystem in a research note on Friday, March 8th. They set an “equal weight” rating and a $28.00 price target for the company. TheStreet cut shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.00.

First Interstate BancSystem Price Performance

FIBK stock opened at $25.09 on Wednesday. First Interstate BancSystem has a 52 week low of $20.81 and a 52 week high of $32.54. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. The company has a fifty day simple moving average of $26.19 and a two-hundred day simple moving average of $26.60. The firm has a market capitalization of $2.61 billion, a P/E ratio of 10.12 and a beta of 0.87.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. The business had revenue of $252.30 million during the quarter, compared to analyst estimates of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. Analysts anticipate that First Interstate BancSystem will post 2.17 earnings per share for the current fiscal year.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the sale, the executive vice president now directly owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Kristina Robbins sold 2,710 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares in the company, valued at approximately $233,684.01. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The disclosure for this sale can be found here. Insiders sold a total of 7,531 shares of company stock valued at $197,645 in the last three months. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several large investors have recently modified their holdings of FIBK. Advisor Group Holdings Inc. raised its holdings in shares of First Interstate BancSystem by 5.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider’s stock valued at $288,000 after purchasing an additional 422 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of First Interstate BancSystem by 225.1% during the 1st quarter. JPMorgan Chase & Co. now owns 281,299 shares of the financial services provider’s stock worth $10,344,000 after acquiring an additional 194,783 shares in the last quarter. Raymond James & Associates raised its stake in shares of First Interstate BancSystem by 13.0% during the 1st quarter. Raymond James & Associates now owns 9,640 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 1,107 shares in the last quarter. American Century Companies Inc. bought a new position in shares of First Interstate BancSystem during the 1st quarter worth approximately $1,046,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of First Interstate BancSystem by 263.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 1,508 shares in the last quarter. 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.