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

First Interstate BancSystem (NASDAQ:FIBK) had its price target dropped by stock analysts at Wells Fargo & Company from $30.00 to $29.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 8.55% from the company’s previous close.

Several other research analysts also recently commented on the stock. 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 report on Monday, October 28th. UBS Group began coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price target for the company. DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. Finally, Barclays upped their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.00.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $31.71 on Monday. The company has a market capitalization of $3.31 billion, a P/E ratio of 13.91 and a beta of 0.84. The business has a fifty day simple moving average of $33.24 and a two-hundred day simple moving average of $31.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem has a 1 year low of $24.16 and a 1 year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the business posted $0.70 earnings per share. On average, analysts expect that First Interstate BancSystem will post 2.28 earnings per share for the current year.

Insider Activity at First Interstate BancSystem

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the sale, the insider now owns 635,069 shares of the company’s stock, valued at $20,817,561.82. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,837 shares of company stock valued at $1,839,583 over the last three months. 6.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently made changes to their positions in FIBK. Point72 DIFC Ltd purchased a new stake in First Interstate BancSystem during the third quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. bought a new position in First Interstate BancSystem during the 3rd quarter worth approximately $69,000. CWM LLC increased its stake in First Interstate BancSystem by 65.0% in the 3rd quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 2,029 shares during the period. Telos Capital Management Inc. bought a new stake in First Interstate BancSystem in the third quarter valued at approximately $201,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of First Interstate BancSystem during the second quarter valued at approximately $208,000. 88.71% of the stock is currently owned by institutional investors.

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.