Wells Fargo & Company Issues Positive Forecast for First Interstate BancSystem (NASDAQ:FIBK) Stock Price

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

Other analysts also recently issued reports about the company. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $28.00 to $32.00 in a report on Tuesday. 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 target on the stock in a report on Monday, June 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded down $0.27 during trading hours on Thursday, reaching $31.11. The stock had a trading volume of 220,677 shares, compared to its average volume of 723,689. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. The firm has a 50-day moving average of $27.75 and a 200-day moving average of $29.19. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 14.75 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The business had revenue of $42.00 million during the quarter, compared to analyst estimates of $253.50 million. During the same period in the previous year, the firm earned $0.57 earnings per share. The business's revenue was up 2.0% compared to the same quarter last year. Equities research analysts predict that First Interstate BancSystem will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is presently 89.10%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FIBK. Wedge Capital Management L L P NC grew its stake in shares of First Interstate BancSystem by 13.3% in the second quarter. Wedge Capital Management L L P NC now owns 85,825 shares of the financial services provider's stock valued at $2,473,000 after buying an additional 10,094 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of First Interstate BancSystem by 12.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 15,444 shares of the financial services provider's stock worth $481,000 after purchasing an additional 1,720 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of First Interstate BancSystem by 18.7% during the second quarter. Harbor Capital Advisors Inc. now owns 419,104 shares of the financial services provider's stock worth $12,079,000 after purchasing an additional 66,018 shares in the last quarter. Strs Ohio acquired a new position in shares of First Interstate BancSystem during the first quarter worth $335,000. Finally, Intech Investment Management LLC increased its stake in First Interstate BancSystem by 47.9% during the 1st quarter. Intech Investment Management LLC now owns 52,558 shares of the financial services provider's stock worth $1,506,000 after buying an additional 17,016 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

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.