Wells Fargo & Company Forecasts Strong Price Appreciation for First Interstate BancSystem (NASDAQ:FIBK) Stock

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

FIBK has been the subject of a number of other research reports. Barclays upgraded 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 report on Tuesday. Keefe, Bruyette & Woods upgraded 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 report on Monday, June 23rd. Finally, Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $35.43.

First Interstate BancSystem Stock Up 0.6%

Shares of FIBK stock traded up $0.20 on Thursday, hitting $31.38. The stock had a trading volume of 753,605 shares, compared to its average volume of 725,604. The business has a 50 day moving average of $27.75 and a 200 day moving average of $29.19. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 14.87 and a beta of 0.79. 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 12-month low of $22.95 and a 12-month high of $36.77.

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 the consensus estimate 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 firm had revenue of $42.00 million during the quarter, compared to analysts' expectations of $253.50 million. During the same quarter in the prior year, the company earned $0.57 EPS. The business's revenue for the quarter was up 2.0% on a year-over-year basis. As a group, analysts expect that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were issued a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.99%. First Interstate BancSystem's payout ratio is 89.10%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FIBK. Wood Tarver Financial Group LLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth $26,000. JNBA Financial Advisors bought a new position in shares of First Interstate BancSystem in the first quarter worth approximately $29,000. Quarry LP lifted its stake in shares of First Interstate BancSystem by 63.8% in the first 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. bought a new position in shares of First Interstate BancSystem in the fourth quarter worth approximately $69,000. Finally, Covestor Ltd lifted its stake in shares of First Interstate BancSystem by 25.8% in the fourth 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. 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.