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

First Interstate BancSystem (NASDAQ:FIBK) had its price objective lowered by Piper Sandler from $44.00 to $41.00 in a report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research analysts also recently weighed in on the company. Barclays dropped their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Friday, January 30th. Wall Street Zen raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Wells Fargo & Company upped their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday. Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Finally, UBS Group reiterated a “neutral” rating and issued a $38.00 price target on shares of First Interstate BancSystem in a report on Wednesday, February 4th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.67.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $33.48 on Thursday. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 11.35 and a beta of 0.77. 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’s 50-day simple moving average is $35.39 and its 200-day simple moving average is $34.11. First Interstate BancSystem has a 52 week low of $22.95 and a 52 week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results 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. The firm had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The firm’s revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business posted $0.50 earnings per share. As a group, analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is 63.73%.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 3,173 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $36.20, for a total transaction of $114,862.60. Following the completion of the transaction, the insider directly owned 937,851 shares in the company, valued at approximately $33,950,206.20. This represents a 0.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

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

First Interstate BancSystem Company Profile

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.