Stephens Cuts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $38.00

First Interstate BancSystem (NASDAQ:FIBK) had its target price cut by stock analysts at Stephens from $39.00 to $38.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Stephens’ price objective points to a potential upside of 13.94% from the stock’s current price.

A number of other analysts have also recently commented on FIBK. Wells Fargo & Company cut their price target on shares of First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. DA Davidson reiterated a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday. Keefe, Bruyette & Woods increased their price objective 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. StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, December 24th. Finally, Barclays increased their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. Three equities 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, the stock has an average rating of “Hold” and an average target price of $35.29.

First Interstate BancSystem Stock Down 0.4 %

Shares of FIBK stock traded down $0.15 during trading hours on Friday, hitting $33.35. 119,789 shares of the company were exchanged, compared to its average volume of 589,338. The business has a 50 day moving average of $33.14 and a two-hundred day moving average of $31.58. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The company has a market capitalization of $3.49 billion, a PE ratio of 15.23 and a beta of 0.85.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) 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 6.92%. Analysts anticipate that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the completion of the transaction, the insider now owns 613,019 shares in the company, valued at $20,720,042.20. This trade represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock worth $1,839,583. Corporate insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of First Interstate BancSystem by 1.4% in the 4th quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock worth $4,220,000 after purchasing an additional 1,785 shares during the period. Jennison Associates LLC lifted its position in shares of First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after purchasing an additional 654,688 shares during the period. KBC Group NV lifted its position in shares of First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,022 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in shares of First Interstate BancSystem by 38.8% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 14,065 shares of the financial services provider’s stock valued at $457,000 after acquiring an additional 3,929 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in shares of First Interstate BancSystem by 37,734.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock valued at $4,595,000 after acquiring an additional 141,128 shares in the last quarter. 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.