DA Davidson Forecasts Strong Price Appreciation for First Interstate BancSystem (NASDAQ:FIBK) Stock

Key Points

• DA Davidson raised its price target for First Interstate BancSystem to $41 (from $39) and kept a "buy" rating, implying about a 15.66% upside from the current price.
• Analyst views are mixed — the consensus is a "Hold" with a $37.33 average target; notable moves include Weiss upgrading to buy while UBS and Wall Street Zen have issued sell ratings and Wells Fargo remains underweight despite raising its target to $36.
• First Interstate beat EPS estimates last quarter ($0.61 vs. $0.60), trades around $35.45 with a $3.58B market cap and 11.55 P/E, and has high institutional ownership at 88.71%.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its target price raised by equities researchers at DA Davidson from $39.00 to $41.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. DA Davidson's price target indicates a potential upside of 15.66% from the company's current price.

Several other brokerages have also issued reports on FIBK. Weiss Ratings upgraded First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, April 2nd. Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday. Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Saturday, April 25th. UBS Group reissued a "sell" rating and issued a $33.00 price target on shares of First Interstate BancSystem in a research report on Friday. Finally, Wells Fargo & Company boosted their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a research note on Monday, March 30th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $37.33.

First Interstate BancSystem Stock Down 0.1%

Shares of NASDAQ FIBK traded down $0.04 during trading on Friday, hitting $35.45. 1,385,009 shares of the company traded hands, compared to its average volume of 1,192,104. The business's fifty day moving average is $34.19 and its 200 day moving average is $34.41. First Interstate BancSystem has a fifty-two week low of $25.81 and a fifty-two week high of $39.26. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 11.55 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 9.07%. The company had revenue of $41.10 million for the quarter, compared to analysts' expectations of $242.78 million. During the same quarter in the prior year, the firm earned $0.49 EPS. Equities research analysts predict that First Interstate BancSystem will post 2.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FIBK. Eurizon Capital SGR S.p.A. purchased a new stake in First Interstate BancSystem in the 4th quarter valued at $25,000. First Horizon Corp purchased a new position in First Interstate BancSystem during the 3rd quarter worth $26,000. Kestra Advisory Services LLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth $29,000. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after acquiring an additional 862 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of First Interstate BancSystem by 1,485.1% in the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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