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

First Interstate BancSystem (NASDAQ:FIBK) had its price target reduced by stock analysts at Piper Sandler from $44.00 to $41.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 25.03% from the stock’s current price.

A number of other brokerages have also recently issued reports on FIBK. UBS Group reissued a “neutral” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Wednesday, February 4th. 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 increased their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday. Stephens cut shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Finally, Barclays lowered their target price 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. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and a consensus price target of $38.67.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $32.79 on Thursday. The business has a fifty day simple moving average of $35.49 and a 200-day simple moving average of $34.12. 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 market cap of $3.32 billion, a PE ratio of 11.16 and a beta of 0.77. First Interstate BancSystem has a 12 month low of $22.95 and a 12 month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 earnings per share. On average, sell-side analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 3,173 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was 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 in the company, valued at $33,950,206.20. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.20% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HoldCo Asset Management LP bought a new stake in First Interstate BancSystem in the 2nd quarter valued at $102,890,000. Capital International Investors bought a new position in shares of First Interstate BancSystem in the fourth quarter valued at about $92,504,000. State Street Corp lifted its stake in shares of First Interstate BancSystem by 29.7% during the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after buying an additional 1,254,321 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of First Interstate BancSystem by 13.7% during the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after buying an additional 1,214,454 shares during the period. Finally, Azora Capital LP boosted its holdings in shares of First Interstate BancSystem by 1,538.7% during the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock worth $40,656,000 after buying an additional 1,197,843 shares during the period. 88.71% of the stock is owned by institutional investors.

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.