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

First Interstate BancSystem (NASDAQ:FIBK) had its price target trimmed by Piper Sandler from $44.00 to $41.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other analysts have also issued reports on FIBK. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Barclays decreased their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Friday, January 30th. Keefe, Bruyette & Woods boosted their target price on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. DA Davidson restated a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $38.67.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $33.48 on Thursday. The company has a market capitalization of $3.39 billion, a PE ratio of 11.35 and a beta of 0.77. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $39.26. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $35.33 and a 200-day simple moving average of $34.13.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. During the same period in the previous year, the business earned $0.50 EPS. First Interstate BancSystem’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, equities research analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 63.73%.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 3,173 shares of First Interstate BancSystem stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $36.20, for a total value of $114,862.60. Following the completion of the transaction, the insider directly owned 937,851 shares of the company’s stock, valued at approximately $33,950,206.20. The trade was a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC grew its holdings in shares of First Interstate BancSystem by 37.2% during the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock valued at $1,926,000 after purchasing an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock worth $1,353,000 after purchasing an additional 2,070 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in First Interstate BancSystem during the 1st quarter valued at approximately $238,000. Jones Financial Companies Lllp boosted its position in First Interstate BancSystem by 24,352.5% during the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock valued at $708,000 after purchasing an additional 24,596 shares during the period. Finally, Jane Street Group LLC bought a new position in First Interstate BancSystem during the 1st quarter worth $5,125,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.