Piper Sandler Cuts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $41.00

First Interstate BancSystem (NASDAQ:FIBK) had its price objective cut by Piper Sandler from $42.00 to $41.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. DA Davidson reissued a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 30th. UBS Group began coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target on the stock. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a report on Monday. Finally, Stephens reduced their target price on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $36.14.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $33.03 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s fifty day moving average price is $32.97 and its 200 day moving average price is $31.62. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 15.08 and a beta of 0.85. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, research analysts forecast that First Interstate BancSystem will post 2.54 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Monday, February 10th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.69%. First Interstate BancSystem’s dividend payout ratio is currently 85.84%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the transaction, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. 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. Company insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new position in shares of First Interstate BancSystem in the third quarter valued at approximately $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of First Interstate BancSystem during the 3rd quarter valued at $69,000. KBC Group NV raised its stake in shares of First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after buying an additional 1,022 shares in the last quarter. CWM LLC lifted its holdings in shares of First Interstate BancSystem by 65.0% in the third quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock valued at $158,000 after buying an additional 2,029 shares during the period. Finally, Telos Capital Management Inc. acquired a new position in First Interstate BancSystem during the third quarter worth about $201,000. 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.