DA Davidson Raises First Interstate BancSystem (NASDAQ:FIBK) Price Target to $34.00

First Interstate BancSystem (NASDAQ:FIBK) had its price target raised by DA Davidson from $27.00 to $34.00 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for First Interstate BancSystem’s Q3 2024 earnings at $0.60 EPS, FY2024 earnings at $2.35 EPS and FY2025 earnings at $2.55 EPS.

Several other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform rating in a report on Monday. Stephens boosted their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an overweight rating in a report on Monday. StockNews.com lowered shares of First Interstate BancSystem from a hold rating to a sell rating in a report on Thursday, July 18th. Piper Sandler boosted their target price on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an overweight rating in a report on Monday. Finally, Barclays upped their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an equal weight rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $33.33.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $29.71 on Monday. The firm has a market cap of $3.11 billion, a PE ratio of 11.84 and a beta of 0.82. The firm’s fifty day moving average is $28.04 and its 200-day moving average is $27.21. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem has a 52 week low of $20.81 and a 52 week high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. During the same quarter last year, the firm earned $0.66 EPS. Sell-side analysts predict that First Interstate BancSystem will post 2.29 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be issued a $0.47 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.33%. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director Jonathan R. Scott Trust Dtd 11 20,000 shares of First Interstate BancSystem stock in a transaction on Tuesday, July 30th. The was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jonathan R. Scott Trust Dtd 11 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The disclosure for this trade can be found here. 6.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC increased its stake in shares of First Interstate BancSystem by 132.8% during the 4th quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 530 shares during the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $39,000. Parallel Advisors LLC increased its stake in shares of First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 856 shares during the last quarter. CWM LLC increased its stake in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 702 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the last quarter. Hedge funds and other 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.