First Interstate BancSystem (NASDAQ:FIBK) Given New $29.00 Price Target at Barclays

First Interstate BancSystem (NASDAQ:FIBK) had its price objective raised by Barclays from $28.00 to $29.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the company. Wells Fargo & Company upped their target price on 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 reaffirmed an overweight rating and issued a $32.00 target price on shares of First Interstate BancSystem in a research report on Thursday, April 25th. TheStreet lowered First Interstate BancSystem from a b- rating to a c+ rating in a research report on Monday, March 18th. Finally, Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $28.00 to $29.00 and gave the company a market perform rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $30.20.

First Interstate BancSystem Stock Performance

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

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

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be given a dividend of $0.47 per share. 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 dividend payout ratio is currently 74.90%.

Insider Activity at First Interstate BancSystem

In related news, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the sale, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares in the company, valued at approximately $179,979.45. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction on Thursday, March 7th. The stock was 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 directly 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 ninety days, insiders have sold 7,531 shares of company stock valued at $197,645. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in shares of First Interstate BancSystem by 36.2% during the fourth quarter. Franklin Resources Inc. now owns 5,453,783 shares of the financial services provider’s stock valued at $167,704,000 after purchasing an additional 1,449,219 shares during the last quarter. Norges Bank purchased a new stake in shares of First Interstate BancSystem during the fourth quarter valued at $26,584,000. Jennison Associates LLC lifted its holdings in shares of First Interstate BancSystem by 93.4% during the third quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock valued at $35,580,000 after purchasing an additional 688,906 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in First Interstate BancSystem by 20.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,590,707 shares of the financial services provider’s stock worth $110,418,000 after acquiring an additional 620,682 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in First Interstate BancSystem by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after acquiring an additional 533,293 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.