First Interstate BancSystem (NASDAQ:FIBK) Given New $38.00 Price Target at Barclays

Key Points

• Barclays raised First Interstate BancSystem’s price target to $38 from $37 but maintained an “underweight” rating, implying approximately 6.4% upside from the stock’s $35.71 price.
• Analyst sentiment remains cautious: MarketBeat reports an average “Reduce” rating and a consensus price target of $37, based on two Buy, four Hold, and three Sell ratings.
• Shares fell 0.8% on Monday, while the company’s latest quarterly results exceeded expectations, with earnings of $0.87 per share versus the $0.69 consensus and revenue up 6.4% year over year.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its price target boosted by research analysts at Barclays from $37.00 to $38.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "underweight" rating on the financial services provider's stock. Barclays's price objective would suggest a potential upside of 6.40% from the company's current price.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen raised First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of First Interstate BancSystem in a research note on Monday, September 28th. Benchmark upgraded shares of First Interstate BancSystem to a "hold" rating in a research report on Wednesday, September 23rd. Wells Fargo & Company restated an "underweight" rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Finally, DA Davidson restated a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $37.00.

First Interstate BancSystem Stock Down 0.8%

Shares of FIBK stock traded down $0.29 on Monday, hitting $35.71. The company's stock had a trading volume of 468,032 shares, compared to its average volume of 1,160,395. First Interstate BancSystem has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The firm's fifty day moving average price is $37.37 and its 200-day moving average price is $36.35. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 10.99 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million during the quarter, compared to analysts' expectations of $249.32 million. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The business's quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts anticipate that First Interstate BancSystem will post 2.84 EPS for the current year.

Insider Activity

In other news, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the sale, the insider owned 484,309 shares of the company's stock, valued at approximately $18,229,390.76. This represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jonathan R. Scott sold 8,071 shares of First Interstate BancSystem stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $37.29, for a total transaction of $300,967.59. Following the completion of the transaction, the insider directly owned 817,738 shares of the company's stock, valued at approximately $30,493,450.02. This trade represents a 0.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,700 shares of company stock worth $1,029,476 over the last three months. Insiders own 8.00% of the company's stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in shares of First Interstate BancSystem by 17.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 315 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of First Interstate BancSystem during the second quarter worth $26,000. Eurizon Capital SGR S.p.A. acquired a new stake in First Interstate BancSystem in the fourth quarter valued at $25,000. McIlrath & Eck LLC increased its stake in shares of First Interstate BancSystem by 17.2% in the first quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider's stock valued at $333,000 after buying an additional 1,461 shares during the period. Finally, Allworth Financial LP bought a new position in First Interstate BancSystem during the 2nd quarter worth approximately $62,000. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.

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