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

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

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

First Interstate BancSystem Stock Up 0.3 %

Shares of First Interstate BancSystem stock opened at $27.09 on Friday. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $32.54. The company has a 50-day moving average of $26.11 and a 200 day moving average of $26.73. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 10.79 and a beta of 0.87. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.77 and a quick ratio of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.55%. The company had revenue of $252.30 million for the quarter, compared to the consensus estimate of $254.50 million. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

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

Insider Activity

In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Lorrie F. Asker sold 1,921 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were 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 of the company’s stock, valued at $179,979.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the sale, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The disclosure for this sale can be found here. Insiders have sold a total of 7,531 shares of company stock valued at $197,645 in the last 90 days. 6.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its position in shares of First Interstate BancSystem by 4.2% during the first quarter. Commonwealth Equity Services LLC now owns 49,982 shares of the financial services provider’s stock valued at $1,360,000 after buying an additional 2,015 shares during the last quarter. Peregrine Capital Management LLC raised its position in shares of First Interstate BancSystem by 7.5% during the first quarter. Peregrine Capital Management LLC now owns 270,727 shares of the financial services provider’s stock valued at $7,366,000 after buying an additional 18,856 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of First Interstate BancSystem by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock valued at $282,303,000 after purchasing an additional 533,293 shares in the last quarter. Finally, ICA Group Wealth Management LLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter valued at $164,000. Institutional investors own 88.71% of the company’s stock.

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.