First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $28.00

First Interstate BancSystem (NASDAQ:FIBK - Free Report) had its target price raised by Wells Fargo & Company from $25.00 to $28.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider's stock.

A number of other equities analysts have also commented on FIBK. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $28.00 to $32.00 in a research note on Tuesday, July 8th. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a research note on Monday, June 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Price Performance

NASDAQ:FIBK traded down $0.34 during trading hours on Thursday, reaching $31.04. 594,195 shares of the company's stock were exchanged, compared to its average volume of 724,275. The company has a market capitalization of $3.26 billion, a P/E ratio of 14.71 and a beta of 0.79. First Interstate BancSystem has a 12 month low of $22.95 and a 12 month high of $36.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. The business's 50-day simple moving average is $27.92 and its two-hundred day simple moving average is $29.15.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The business had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. The company's quarterly revenue was up 2.0% on a year-over-year basis. Sell-side analysts expect that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.06%. First Interstate BancSystem's payout ratio is 89.10%.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FIBK. Wood Tarver Financial Group LLC purchased a new stake in First Interstate BancSystem in the 4th quarter worth approximately $26,000. JNBA Financial Advisors purchased a new stake in First Interstate BancSystem in the 1st quarter worth approximately $29,000. Quarry LP lifted its position in First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock worth $33,000 after buying an additional 450 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in First Interstate BancSystem in the 4th quarter worth approximately $69,000. Finally, Covestor Ltd lifted its position in First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after buying an additional 510 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

About First Interstate BancSystem

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.