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Wells Fargo & Company Lowers First Interstate BancSystem (NASDAQ:FIBK) Price Target to $42.00

Financial News Live · Feb 3, 2023 03:31

First Interstate BancSystem (NASDAQ:FIBK – Get Rating) had its price objective lowered by Wells Fargo & Company from $48.00 to $42.00 in a report released on Monday morning, The Fly reports. Wells Fargo & Company currently has an overweight rating on the financial services provider's stock.

Several other research firms also recently weighed in on FIBK. StockNews.com downgraded First Interstate BancSystem from a hold rating to a sell rating in a research report on Wednesday, October 26th. Stephens raised their price objective on First Interstate BancSystem from $45.00 to $48.00 and gave the stock an equal weight rating in a report on Monday, October 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $43.80.

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First Interstate BancSystem Stock Up 1.3 %

FIBK opened at $37.06 on Monday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.30. The firm has a market cap of $3.87 billion, a P/E ratio of 20.03 and a beta of 0.87. First Interstate BancSystem has a 52 week low of $32.40 and a 52 week high of $46.34. The business's fifty day simple moving average is $39.07 and its 200 day simple moving average is $40.89.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 17th. Investors of record on Tuesday, February 7th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 6th. This represents a $1.88 annualized dividend and a dividend yield of 5.07%. First Interstate BancSystem's payout ratio is currently 101.62%.

Insider Activity at First Interstate BancSystem

In related news, EVP Russell A. Lee sold 2,500 shares of the firm's stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $45.30, for a total transaction of $113,250.00. Following the sale, the executive vice president now directly owns 4,771 shares in the company, valued at approximately $216,126.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 3,852 shares of the firm's stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $46.26, for a total transaction of $178,193.52. Following the completion of the sale, the insider now owns 81,454 shares in the company, valued at approximately $3,768,062.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Russell A. Lee sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $45.30, for a total value of $113,250.00. Following the sale, the executive vice president now owns 4,771 shares of the company's stock, valued at approximately $216,126.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,852 shares of company stock worth $1,719,869. 6.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently bought and sold shares of the business. Philadelphia Financial Management of San Francisco LLC grew its stake in First Interstate BancSystem by 23.2% during the 2nd quarter. Philadelphia Financial Management of San Francisco LLC now owns 220,549 shares of the financial services provider's stock valued at $8,405,000 after purchasing an additional 41,468 shares in the last quarter. Naples Global Advisors LLC grew its position in shares of First Interstate BancSystem by 14.1% in the 2nd quarter. Naples Global Advisors LLC now owns 26,850 shares of the financial services provider's stock worth $1,023,000 after acquiring an additional 3,325 shares in the last quarter. Kennedy Capital Management Inc. grew its position in shares of First Interstate BancSystem by 3.3% in the 2nd quarter. Kennedy Capital Management Inc. now owns 885,648 shares of the financial services provider's stock worth $33,752,000 after acquiring an additional 28,456 shares in the last quarter. RMB Capital Management LLC acquired a new position in shares of First Interstate BancSystem in the 2nd quarter worth approximately $15,244,000. Finally, Advisory Research Inc. grew its position in shares of First Interstate BancSystem by 19.2% in the 2nd quarter. Advisory Research Inc. now owns 97,131 shares of the financial services provider's stock worth $3,702,000 after acquiring an additional 15,674 shares in the last quarter. Institutional investors and hedge funds own 77.78% of the company's stock.

First Interstate BancSystem Company Profile

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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. It also provides Internet, mobile, and other banking and financial services.