Barclays Raises First Interstate BancSystem (NASDAQ:FIBK) Price Target to $29.00

First Interstate BancSystem (NASDAQ:FIBK) had its price objective raised by Barclays from $28.00 to $29.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

A number of other analysts have also weighed in on the stock. Stephens restated an overweight rating and set a $32.00 price objective on shares of First Interstate BancSystem in a research note on Thursday. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a market perform rating in a research report on Friday. TheStreet downgraded First Interstate BancSystem from a b- rating to a c+ rating in a research note on Monday, March 18th. Finally, Wells Fargo & Company boosted their price target on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, First Interstate BancSystem has an average rating of Hold and an average target price of $29.20.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $27.00 on Friday. 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 stock has a market cap of $2.81 billion, a P/E ratio of 10.76 and a beta of 0.87. The business’s 50 day moving average price is $26.10 and its 200-day moving average price is $26.71.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The business had revenue of $252.30 million for the quarter, compared to the consensus estimate of $254.50 million. Equities research analysts anticipate that First Interstate BancSystem will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date of this dividend is Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 74.90%.

Insider Buying and Selling at First Interstate BancSystem

In other news, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the transaction, the executive vice president now directly 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 accessible through this link. In other news, EVP Kristina Robbins sold 2,710 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total transaction of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lorrie F. Asker sold 1,921 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares in the company, valued at approximately $179,979.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,531 shares of company stock worth $197,645. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently modified their holdings of FIBK. Peregrine Capital Management LLC lifted its position in First Interstate BancSystem by 7.5% during the first quarter. Peregrine Capital Management LLC now owns 270,727 shares of the financial services provider’s stock valued at $7,366,000 after purchasing an additional 18,856 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after buying an additional 744 shares during the period. Vanguard Group Inc. raised its stake in shares of First Interstate BancSystem by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after buying an additional 533,293 shares during the period. ICA Group Wealth Management LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at about $164,000. Finally, Wellington Management Group LLP grew its stake in shares of First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock valued at $91,350,000 after acquiring an additional 142,069 shares during the period. 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.