Keefe, Bruyette & Woods Boosts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $29.00

First Interstate BancSystem (NASDAQ:FIBK) had its target price upped by Keefe, Bruyette & Woods from $28.00 to $29.00 in a report released on Friday, Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on the company. Stephens reaffirmed an overweight rating and issued a $32.00 target price on shares of First Interstate BancSystem in a research note on Thursday, April 25th. TheStreet cut First Interstate BancSystem from a b- rating to a c+ rating in a report on Monday, March 18th. Barclays started coverage on First Interstate BancSystem in a report on Friday, March 8th. They set an equal weight rating and a $28.00 price target for the company. Finally, Wells Fargo & Company increased their price target on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of Hold and a consensus price target of $30.20.

First Interstate BancSystem Stock Up 0.3 %

Shares of FIBK opened at $27.09 on Friday. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $32.54. The company has a market capitalization of $2.82 billion, a PE ratio of 10.79 and a beta of 0.87. The stock has a fifty day simple moving average of $26.11 and a two-hundred 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 earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share (EPS) 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 business had revenue of $252.30 million during the quarter, compared to the consensus estimate of $254.50 million. As a group, equities analysts forecast that First Interstate BancSystem will post 2.17 EPS for the current year.

First Interstate BancSystem Announces Dividend

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

Insider Activity

In other news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction dated Wednesday, February 7th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction dated Wednesday, February 7th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,531 shares of company stock worth $197,645. 6.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently made changes to their positions in FIBK. Global Retirement Partners LLC raised its position in shares of 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 worth $26,000 after acquiring an additional 530 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $39,000. Parallel Advisors LLC raised its position in shares of 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 worth $39,000 after acquiring an additional 856 shares in the last quarter. CWM LLC raised its position in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 702 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter worth about $81,000. Institutional investors and hedge funds 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.