Wells Fargo & Company Issues Pessimistic Forecast for First Interstate BancSystem (NASDAQ:FIBK) Stock Price

First Interstate BancSystem (NASDAQ:FIBK) had its target price cut by research analysts at Wells Fargo & Company from $30.00 to $29.00 in a report released on Monday,Benzinga reports. The firm presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 9.69% from the company’s current price.

Several other research firms have also weighed in on FIBK. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their target price for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. Keefe, Bruyette & Woods lifted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. UBS Group started coverage on shares of First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. Finally, Piper Sandler cut their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

NASDAQ FIBK traded down $0.12 on Monday, hitting $32.11. 44,099 shares of the company’s stock were exchanged, compared to its average volume of 314,753. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50-day moving average price is $33.23 and its two-hundred day moving average price is $30.96. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 14.08 and a beta of 0.85. First Interstate BancSystem has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter in the previous year, the company posted $0.70 EPS. On average, research analysts expect that First Interstate BancSystem will post 2.28 EPS for the current year.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now owns 613,019 shares in the company, valued at approximately $20,720,042.20. This represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,837 shares of company stock valued at $1,839,583. Company insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of large investors have recently modified their holdings of FIBK. Caprock Group LLC grew its position in First Interstate BancSystem by 1.7% in the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 422 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in First Interstate BancSystem by 1.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after purchasing an additional 32,348 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after buying an additional 367,212 shares during the period. Renaissance Technologies LLC acquired a new position in First Interstate BancSystem in the 2nd quarter worth $825,000. Finally, Edgestream Partners L.P. boosted its position in First Interstate BancSystem by 98.7% in the 2nd quarter. Edgestream Partners L.P. now owns 116,628 shares of the financial services provider’s stock valued at $3,239,000 after buying an additional 57,938 shares during the last quarter. Institutional investors and hedge funds 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.