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

First Interstate BancSystem (NASDAQ:FIBK) had its price target reduced by research 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 indicates a potential upside of 24.54% from the stock’s current price.

A number of other research firms have also issued reports on FIBK. Barclays reduced their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Friday, January 30th. Keefe, Bruyette & Woods increased their price objective on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. UBS Group reissued a “neutral” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research report on Wednesday, February 4th. Wall Street Zen upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Finally, Wells Fargo & Company raised 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 report on Monday. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $38.67.

First Interstate BancSystem Stock Down 1.9%

Shares of First Interstate BancSystem stock opened at $32.92 on Thursday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 11.16 and a beta of 0.77. The business’s 50 day simple moving average is $35.49 and its 200-day simple moving average is $34.12. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a twelve month low of $22.95 and a twelve 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, topping the consensus estimate of $0.64 by $0.44. The business had revenue of $205.10 million during 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 earnings per share. Equities research analysts forecast that First Interstate BancSystem will post 2.53 earnings per share for the current year.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total value of $67,452.84. Following the sale, the insider owned 936,024 shares in the company, valued at $34,558,006.08. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new stake in shares of First Interstate BancSystem in the fourth quarter valued at approximately $25,000. First Horizon Corp acquired a new position in shares of First Interstate BancSystem during the 3rd quarter valued at $26,000. Kestra Advisory Services LLC purchased a new stake in shares of First Interstate BancSystem during the fourth quarter worth about $29,000. EverSource Wealth Advisors LLC increased its stake in First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after buying an additional 1,500 shares during the last quarter. 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.