Wells Fargo & Company Forecasts Strong Price Appreciation for First Interstate BancSystem (NASDAQ:FIBK) Stock

Key Points

• Wells Fargo raised its price target for First Interstate BancSystem from $34 to $36 but maintained an “underweight” rating; the new target implies about 6% downside from the share price cited in the article.
• Analyst sentiment is broadly cautious: MarketBeat’s consensus rating is “Reduce,” with an average price target of $37.43. Two analysts rate the stock Buy, four Hold, and three Sell.
• First Interstate reported quarterly EPS of $0.65, missing the $0.68 consensus estimate. Analysts forecast full-year EPS of $2.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its price target hoisted by analysts at Wells Fargo & Company from $34.00 to $36.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's target price suggests a potential downside of 6.04% from the company's current price.

Several other equities analysts have also recently issued reports on FIBK. Stephens upped their price target on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an "equal weight" rating in a research report on Thursday, October 29th. Barclays lifted their price target on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the stock an "underweight" rating in a report on Monday, October 5th. DA Davidson reissued a "neutral" rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Saturday, October 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $37.43.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $38.32 on Monday. The business's 50-day moving average price is $36.55 and its 200-day moving average price is $36.33. First Interstate BancSystem has a 12 month low of $29.39 and a 12 month high of $40.60. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 11.97 and a beta of 0.73. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.03). First Interstate BancSystem had a return on equity of 9.49% and a net margin of 23.30%. The firm had revenue of $43.30 million for the quarter, compared to the consensus estimate of $247.93 million. Equities research analysts forecast that First Interstate BancSystem will post 2.79 EPS for the current year.

Insider Activity at First Interstate BancSystem

In related news, Director James Scott, Jr. sold 3,108 shares of the business's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $38.00, for a total value of $118,104.00. Following the transaction, the director owned 77,634 shares in the company, valued at $2,950,092. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Jonathan Scott sold 16,929 shares of the company's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $37.03, for a total transaction of $626,880.87. Following the sale, the insider directly owned 825,809 shares in the company, valued at $30,579,707.27. This trade represents a 2.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 40,858 shares of company stock worth $1,520,287 over the last quarter. Company insiders own 8.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of First Interstate BancSystem during the 2nd quarter valued at $529,533,000. Dimensional Fund Advisors LP grew its holdings in First Interstate BancSystem by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider's stock worth $188,066,000 after purchasing an additional 231,405 shares during the period. Bank of America Corp DE grew its holdings in First Interstate BancSystem by 1.4% in the first quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider's stock worth $59,388,000 after purchasing an additional 24,250 shares during the period. First Trust Advisors LP grew its holdings in First Interstate BancSystem by 214.9% in 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 purchasing an additional 817,235 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in First Interstate BancSystem in the second quarter valued at $38,663,000. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management.

Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States.

Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.

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