First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $38.00

Key Points

• DA Davidson has increased its price target for First Interstate BancSystem from $35.00 to $38.00, indicating a potential upside of 17.27% based on the current stock price.
• Out of multiple research reports, analysts maintain a mix of ratings with three recommending a Buy, two a Hold, and one a Sell, leading to an average rating of "Hold" with a consensus target price of $34.86.
• Insider transactions reveal significant stock sales, including a 69.35% decrease in ownership by Director John M. Heyneman, Jr. after selling shares valued at over $356,000.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its price target hoisted by equities research analysts at DA Davidson from $35.00 to $38.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. DA Davidson's price target suggests a potential upside of 14.40% from the company's previous close.

Several other equities research analysts have also weighed in on the stock. Wells Fargo & Company increased their price objective on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $28.00 to $32.00 in a research report on Tuesday, July 8th. Wall Street Zen cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Finally, Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a research report on Monday, June 23rd. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $34.86.

First Interstate BancSystem Stock Up 3.6%

Shares of First Interstate BancSystem stock traded up $1.16 during trading on Friday, reaching $33.22. The company had a trading volume of 326,636 shares, compared to its average volume of 823,025. The company has a market cap of $3.48 billion, a price-to-earnings ratio of 14.97 and a beta of 0.80. The firm's fifty day moving average is $30.84 and its 200-day moving average is $28.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. First Interstate BancSystem has a fifty-two week low of $22.95 and a fifty-two week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. The firm had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. First Interstate BancSystem's quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share. On average, analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the transaction, the insider owned 529,256 shares in the company, valued at $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the sale, the director directly owned 5,224 shares in the company, valued at approximately $157,660.32. This represents a 69.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 121,818 shares of company stock valued at $3,600,017 in the last quarter. Corporate insiders own 8.20% of the company's stock.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in First Interstate BancSystem by 2,336.8% during the first quarter. GAMMA Investing LLC now owns 9,942 shares of the financial services provider's stock worth $285,000 after acquiring an additional 9,534 shares in the last quarter. First Interstate Bank raised its position in First Interstate BancSystem by 14.1% during the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock worth $144,778,000 after acquiring an additional 624,268 shares in the last quarter. Ameriprise Financial Inc. raised its position in First Interstate BancSystem by 39.7% during the fourth quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider's stock worth $2,043,000 after acquiring an additional 17,879 shares in the last quarter. KBC Group NV raised its position in First Interstate BancSystem by 26.4% during the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock worth $146,000 after acquiring an additional 1,061 shares in the last quarter. Finally, Brown Advisory Inc. raised its position in shares of First Interstate BancSystem by 1.1% in the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock valued at $29,144,000 after purchasing an additional 11,209 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.