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

First Interstate BancSystem (NASDAQ:FIBK) had its price target boosted by equities researchers at Wells Fargo & Company from $28.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 13.04% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Piper Sandler cut their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $32.00 to $30.00 in a research report on Thursday, October 31st. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus target price of $35.00.

First Interstate BancSystem Trading Up 0.6 %

NASDAQ:FIBK opened at $34.50 on Tuesday. First Interstate BancSystem has a one year low of $24.16 and a one year high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $3.61 billion, a P/E ratio of 15.13 and a beta of 0.84. The firm has a 50-day simple moving average of $32.19 and a 200-day simple moving average of $29.93.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter in the previous year, the company posted $0.70 earnings per share. Equities analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 20,220 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the sale, the insider now owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,837 shares of company stock worth $1,839,583. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently made changes to their positions in FIBK. Point72 DIFC Ltd acquired a new position in shares of First Interstate BancSystem in the 3rd quarter valued at $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in First Interstate BancSystem during the third quarter worth $69,000. CWM LLC grew its holdings in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of First Interstate BancSystem during the second quarter worth $106,000. Finally, nVerses Capital LLC grew its holdings in shares of First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after buying an additional 3,300 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.