Stephens Lowers First Interstate BancSystem Price Target to $38.00

Stephens recently announced a reduction in the price target for First Interstate BancSystem (NASDAQ:FIBK), decreasing it from $39.00 to $38.00 in a report released to investors on Friday. Despite the cut, the firm has maintained an "overweight" rating on the stock. The new target price suggests a potential upside of approximately 13.94% from the stock's current market value.

In addition to Stephens, other financial analysts have also evaluated First Interstate BancSystem's stock. For example, Wells Fargo & Company lowered their price target from $30.00 to $29.00, tagging the stock with an "underweight" rating in a report on January 6th. Similarly, UBS Group initiated coverage on the bank with a "neutral" rating and a target price of $35.00 on December 17th. Keefe, Bruyette & Woods raised their target from $32.00 to $36.00, giving the stock a "market perform" rating on December 4th. DA Davidson reaffirmed a "buy" rating with a more optimistic target price of $42.00 on Thursday, while Barclays lifted its target slightly from $30.00 to $31.00, maintaining an "underweight" rating. Currently, three analysts have issued sell ratings on the stock, two have rated it a hold, and three have given it buy ratings, according to MarketBeat.com, which shows a consensus rating of "Hold" and an average price target of $35.29.

Recent Stock Performance

During mid-day trading on Friday, shares of First Interstate BancSystem experienced a decline of 0.4%, dropping by $0.15 to a price of $33.35. A total of 119,789 shares were traded, compared to the average trading volume of 589,338 shares. The company has a fifty-day moving average of $33.14 and a two-hundred-day moving average of $31.58. Over the past twelve months, the stock has reached a low of $24.16 and a high of $36.77. First Interstate BancSystem has a market capitalization of $3.49 billion and a price-to-earnings ratio of 15.23, and its beta stands at 0.85.

First Interstate BancSystem publicly reported its quarterly earnings on January 29th, where it showcased an earnings per share (EPS) of $0.50, slightly surpassing the consensus estimate of $0.49. The bank's net profit margin was 15.94%, and its return on equity stood at 6.92%. Analysts predict that the bank will achieve an EPS of 2.53 for the current year.

Insider Activity

In other developments, insider trading activity has been recorded at First Interstate BancSystem. Major shareholder Julie A. Scott sold 22,050 shares on November 12th at an average price of $33.80, totaling approximately $745,290. This transaction represented a 3.47% decrease in Scott's ownership. Following the sale, she retains about 613,019 shares valued at around $20.7 million. Similarly, on November 22nd, another major shareholder, James R. Scott, Jr., sold 6,067 shares at an average price of $34.50 for a total of $209,311. Following this action, he maintains ownership of 75,387 shares valued at approximately $2.6 million, reflecting a 7.45% reduction in his stake. Over the last 90 days, insiders sold a total of 54,837 shares worth approximately $1.84 million, with insiders currently holding 6.90% of the stock.

Institutional Investments

Several institutional investors and hedge funds have recently altered their positions in First Interstate BancSystem. Geode Capital Management LLC raised its stake by 3.1% during the third quarter, now holding nearly 1.99 million shares valued at $61.15 million after acquiring an additional 59,367 shares. Jennison Associates LLC significantly increased its stake by 73.9% during the fourth quarter to approximately 1.54 million shares valued at $50 million following a purchase of 654,688 shares. Wellington Management Group LLP added to its position by 6.5% in the third quarter, now owning 1.29 million shares worth nearly $39.52 million. Other firms like Charles Schwab Investment Management Inc. and Empower Advisory Group LLC also expanded their stakes, with institutional ownership currently at 88.71% of the company.Investment, Analysis, Stock