Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First Interstate BancSystem (NASDAQ:FIBK) Stock

First Interstate BancSystem (NASDAQ:FIBK) had its price objective increased by research analysts at Keefe, Bruyette & Woods from $32.00 to $36.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 4.99% from the stock’s current price.

FIBK has been the topic of several other reports. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. Stephens reissued an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Piper Sandler reduced their price objective 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. DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their target price for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Finally, StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock traded down $0.02 during trading hours on Wednesday, hitting $34.29. 98,143 shares of the company’s stock traded hands, compared to its average volume of 670,653. The company has a fifty day simple moving average of $32.09 and a 200-day simple moving average of $29.90. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 15.04 and a beta of 0.84. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 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 quarter in the prior year, the business posted $0.70 earnings per share. Equities research analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares of the company’s stock, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock valued at $1,839,583 in the last quarter. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in shares of First Interstate BancSystem by 8.7% during 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. Jennison Associates LLC increased its stake in First Interstate BancSystem by 57.3% in the 3rd quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock worth $27,176,000 after purchasing an additional 322,578 shares during the period. Hantz Financial Services Inc. purchased a new position in First Interstate BancSystem in the 2nd quarter worth approximately $3,003,000. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of First Interstate BancSystem by 100.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock valued at $6,485,000 after purchasing an additional 105,670 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after purchasing an additional 78,596 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.