First Interstate BancSystem (NASDAQ:FIBK) Stock Price Target Raised at Stephens

Key Points

• Stephens raised First Interstate BancSystem’s price target from $37 to $38 while maintaining an “equal weight” rating, implying roughly 0.24% downside from the prior close.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average target price of $37.14, based on two Buy, four Hold, and three Sell ratings.
• FIBK shares rose 1.4% to $38.09, while the company’s latest quarterly EPS of $0.65 fell short of the $0.68 consensus estimate despite revenue exceeding expectations.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its target price increased by equities research analysts at Stephens from $37.00 to $38.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Stephens's price objective would suggest a potential downside of 0.24% from the stock's previous close.

Several other equities research analysts have also recently weighed in on the company. DA Davidson restated a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wells Fargo & Company reiterated an "underweight" rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Weiss Ratings reissued a "buy (b)" rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Saturday, October 24th. Finally, Barclays boosted their price objective on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the stock an "underweight" rating in a research report on Monday, October 5th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $37.14.

First Interstate BancSystem Stock Up 1.4%

NASDAQ FIBK traded up $0.53 during trading on Thursday, reaching $38.09. 63,258 shares of the company's stock were exchanged, compared to its average volume of 1,158,522. The stock has a market cap of $3.63 billion, a P/E ratio of 11.87 and a beta of 0.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The company has a 50 day moving average price of $36.46 and a two-hundred day moving average price of $36.28. First Interstate BancSystem has a 1 year low of $29.39 and a 1 year high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $0.68 by ($0.03). First Interstate BancSystem had a net margin of 29.18% and a return on equity of 9.49%. The business had revenue of $249.50 million during the quarter, compared to analysts' expectations of $247.93 million. On average, equities research analysts anticipate that First Interstate BancSystem will post 2.87 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Jonathan Scott sold 4,175 shares of the company's stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $37.31, for a total value of $155,769.25. Following the completion of the sale, the insider directly owned 807,738 shares of the company's stock, valued at $30,136,704.78. This represents a 0.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 2,700 shares of the company's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the sale, the insider directly owned 484,309 shares of the company's stock, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 37,700 shares of company stock valued at $1,400,271 over the last three months. Company insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several large investors have recently modified their holdings of FIBK. BlackRock Inc. acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $529,533,000. Bank of America Corp DE purchased a new stake in shares of First Interstate BancSystem in the second quarter valued at approximately $56,386,000. Bank of New York Mellon Corp purchased a new stake in shares of First Interstate BancSystem in the second quarter valued at approximately $38,663,000. First Trust Advisors LP grew its holdings in First Interstate BancSystem by 214.9% during the first quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider's stock worth $39,998,000 after acquiring an additional 817,235 shares during the period. Finally, Punch & Associates Investment Management Inc. acquired a new position in First Interstate BancSystem during the second quarter worth $30,000,000. 88.71% of the stock is owned by institutional investors and hedge funds.

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 provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.

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