First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $36.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on First Interstate BancSystem to $36.00 from $30.00 but kept an "underweight" rating, implying about an 8.63% upside from the prior close.
• The analyst consensus is a Hold with an average target of $39.17; analyst coverage is mixed (3 Buys, 4 Holds, 1 Sell) and several firms have recently adjusted targets in both directions.
• First Interstate reported an earnings beat with EPS of $1.08 vs. $0.64 expected, while revenue missed at $205.1M (vs. $256.9M est.); the stock was trading near $33.14, with a market cap of $3.35B and a P/E of 11.23.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its target price boosted by research analysts at Wells Fargo & Company from $30.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective points to a potential upside of 8.63% from the stock's previous close.

Other analysts have also issued research reports about the stock. Piper Sandler raised their price objective on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Monday, February 2nd. Stephens downgraded First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a report on Thursday, February 5th. Barclays decreased their price target on First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Friday, January 30th. DA Davidson reiterated a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $39.17.

First Interstate BancSystem Price Performance

Shares of FIBK traded up $0.33 during trading hours on Monday, hitting $33.14. The stock had a trading volume of 134,286 shares, compared to its average volume of 1,123,458. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 11.23 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. The company's fifty day moving average is $35.71 and its two-hundred day moving average is $34.11. First Interstate BancSystem has a 52 week low of $22.95 and a 52 week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.44. The firm had revenue of $205.10 million during the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm's quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the firm posted $0.50 EPS. On average, analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the business's stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $36.20, for a total value of $114,862.60. Following the completion of the transaction, the insider owned 937,851 shares in the company, valued at $33,950,206.20. The trade was a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at $25,000. First Horizon Corp acquired a new stake in First Interstate BancSystem in the third quarter worth about $26,000. Kestra Advisory Services LLC bought a new stake in First Interstate BancSystem during the 4th quarter worth about $29,000. EverSource Wealth Advisors LLC raised its holdings in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after purchasing an additional 862 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 516 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

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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