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

First Interstate BancSystem logo with Finance background

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) had its target price raised by Wells Fargo & Company from $25.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's target price points to a potential downside of 10.43% from the stock's current price.

Several other brokerages have also issued reports on FIBK. Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Barclays raised 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 note on Tuesday. Finally, Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target for the company in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $35.43.

View Our Latest Report on First Interstate BancSystem

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $31.26 on Thursday. The company has a market cap of $3.28 billion, a P/E ratio of 14.75 and a beta of 0.79. The firm's fifty day moving average price is $27.65 and its two-hundred day moving average price is $29.18. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. First Interstate BancSystem has a one year low of $22.95 and a one year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly 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). The firm had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The business's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 earnings per share. Equities analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current year.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently added to or reduced their stakes in the stock. Wood Tarver Financial Group LLC acquired a new position in shares of First Interstate BancSystem in the 4th quarter valued at $26,000. JNBA Financial Advisors purchased a new position in shares of First Interstate BancSystem in the 1st quarter valued at about $29,000. Quarry LP grew its stake in shares of First Interstate BancSystem by 63.8% during the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock worth $33,000 after purchasing an additional 450 shares during the period. Meeder Asset Management Inc. acquired a new position in First Interstate BancSystem during the fourth quarter worth about $69,000. Finally, Covestor Ltd grew its stake 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 valued at $81,000 after acquiring an additional 510 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

About First Interstate BancSystem

(Get Free Report)

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.

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Analyst Recommendations for First Interstate BancSystem (NASDAQ:FIBK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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