DA Davidson Reiterates “Buy” Rating for First Interstate BancSystem (NASDAQ:FIBK)

First Interstate BancSystem (NASDAQ:FIBK)‘s stock had its “buy” rating reissued by DA Davidson in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $42.00 price target on the financial services provider’s stock. DA Davidson’s price target points to a potential upside of 23.99% from the stock’s previous close.

A number of other research firms have also recently issued reports on FIBK. Piper Sandler lowered their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Wells Fargo & Company dropped their target price on shares of First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. UBS Group assumed coverage on First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and an average price target of $35.00.

First Interstate BancSystem Stock Performance

Shares of FIBK traded up $1.01 during midday trading on Thursday, hitting $33.87. 238,365 shares of the stock traded hands, compared to its average volume of 584,879. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem has a 1-year low of $24.16 and a 1-year high of $36.77. The business’s 50 day moving average price is $33.14 and its two-hundred day moving average price is $31.58. The firm has a market capitalization of $3.54 billion, a PE ratio of 14.87 and a beta of 0.85.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. Equities research analysts predict that First Interstate BancSystem will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of First Interstate BancSystem

Hedge funds have recently made changes to their positions in the company. Jennison Associates LLC grew its holdings in First Interstate BancSystem by 73.9% during the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after acquiring an additional 654,688 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of First Interstate BancSystem by 37,734.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after acquiring an additional 141,128 shares during the period. Hotchkis & Wiley Capital Management LLC increased its position in First Interstate BancSystem by 100.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock valued at $6,485,000 after purchasing an additional 105,670 shares during the period. Wellington Management Group LLP raised its holdings in First Interstate BancSystem by 6.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after purchasing an additional 78,596 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at $2,362,000. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Company Profile

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.