First Interstate BancSystem (NASDAQ:FIBK) Given New $29.00 Price Target at Barclays

First Interstate BancSystem (NASDAQ:FIBK) had its price objective hoisted by Barclays from $28.00 to $29.00 in a report released on Friday, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Several other brokerages also recently commented on FIBK. Wells Fargo & Company raised their target price on First Interstate BancSystem from $23.00 to $24.00 and gave the company an equal weight rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a market perform rating in a research report on Friday. Stephens reaffirmed an overweight rating and issued a $32.00 price target on shares of First Interstate BancSystem in a research report on Thursday, April 25th. Finally, TheStreet cut shares of First Interstate BancSystem from a b- rating to a c+ rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem currently has a consensus rating of Hold and a consensus target price of $30.20.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $27.09 on Friday. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 10.79 and a beta of 0.87. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $32.54. The stock has a fifty day simple moving average of $26.11 and a 200 day simple moving average of $26.73. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The firm had revenue of $252.30 million during the quarter, compared to the consensus estimate of $254.50 million. Sell-side analysts expect that First Interstate BancSystem will post 2.17 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be paid a $0.47 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.88 annualized dividend and a yield of 6.94%. First Interstate BancSystem’s payout ratio is 74.90%.

Insider Activity at First Interstate BancSystem

In related news, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total value of $50,042.05. Following the transaction, the insider now owns 6,909 shares in the company, valued at $179,979.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total value of $50,042.05. Following the transaction, the insider now owns 6,909 shares in the company, valued at $179,979.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kristina Robbins sold 2,710 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the transaction, the executive vice president now owns 9,047 shares in the company, valued at approximately $233,684.01. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,531 shares of company stock worth $197,645. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC raised its holdings in First Interstate BancSystem by 132.8% during the 4th quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 530 shares during the period. Wolverine Asset Management LLC bought a new stake in First Interstate BancSystem during the 4th quarter valued at $39,000. Parallel Advisors LLC raised its holdings in First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 856 shares during the period. CWM LLC raised its holdings in First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 702 shares during the period. Finally, Headlands Technologies LLC bought a new stake in First Interstate BancSystem during the 3rd quarter valued at $81,000. 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.