First Interstate Bancsystem (NASDAQ:FIBK) Given New $39.00 Price Target at Wells Fargo & Company

First Interstate Bancsystem (NASDAQ:FIBK) had its price target upped by Wells Fargo & Company from $38.00 to $39.00 in a research report report published on Wednesday morning, AR Network reports. They currently have an overweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Piper Sandler boosted their price objective on First Interstate Bancsystem from $37.00 to $38.00 and gave the company an overweight rating in a research note on Thursday, July 30th. BidaskClub upgraded First Interstate Bancsystem from a strong sell rating to a sell rating in a research note on Wednesday, September 9th. ValuEngine cut First Interstate Bancsystem from a hold rating to a sell rating in a research note on Monday, August 3rd. TheStreet raised First Interstate Bancsystem from a c+ rating to a b rating in a report on Thursday, September 17th. Finally, Zacks Investment Research raised First Interstate Bancsystem from a hold rating to a buy rating and set a $40.00 target price for the company in a report on Tuesday, October 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $39.00.

NASDAQ FIBK opened at $35.95 on Wednesday. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 13.88 and a beta of 1.16. First Interstate Bancsystem has a one year low of $24.50 and a one year high of $43.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.80. The business’s fifty day moving average is $33.68 and its 200-day moving average is $31.46.

First Interstate Bancsystem (NASDAQ:FIBK) last released its earnings results on Saturday, October 31st. The financial services provider reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.07. First Interstate Bancsystem had a return on equity of 8.59% and a net margin of 23.77%. Research analysts expect that First Interstate Bancsystem will post 2.5 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, November 6th will be issued a dividend of $0.38 per share. This is a positive change from First Interstate Bancsystem’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, November 5th. This represents a $1.52 annualized dividend and a dividend yield of 4.23%. First Interstate Bancsystem’s payout ratio is presently 44.30%.

In other First Interstate Bancsystem news, CEO Kevin P. Riley acquired 11,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was bought at an average price of $33.10 per share, with a total value of $364,100.00. Following the completion of the acquisition, the chief executive officer now owns 31,488 shares of the company’s stock, valued at $1,042,252.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 21.99% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of FIBK. FMR LLC grew its holdings in shares of First Interstate Bancsystem by 114.1% during the second quarter. FMR LLC now owns 1,849,673 shares of the financial services provider’s stock worth $57,266,000 after purchasing an additional 985,843 shares in the last quarter. Nuveen Asset Management LLC lifted its position in First Interstate Bancsystem by 106.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 523,185 shares of the financial services provider’s stock worth $16,198,000 after buying an additional 269,457 shares during the last quarter. Monarch Partners Asset Management LLC lifted its position in First Interstate Bancsystem by 180.3% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 209,308 shares of the financial services provider’s stock worth $6,480,000 after buying an additional 134,633 shares during the last quarter. Fisher Asset Management LLC bought a new stake in First Interstate Bancsystem in the 2nd quarter worth approximately $2,602,000. Finally, Bank of America Corp DE lifted its position in First Interstate Bancsystem by 16.8% in the 2nd quarter. Bank of America Corp DE now owns 507,949 shares of the financial services provider’s stock worth $15,725,000 after buying an additional 73,003 shares during the last quarter. 51.08% of the stock is owned by institutional investors.

First Interstate Bancsystem Company Profile

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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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