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

First Interstate BancSystem (NASDAQ:FIBK - Free Report) had its target price decreased by Piper Sandler from $42.00 to $41.00 in a research report released on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider's stock.

FIBK has been the subject of several other reports. UBS Group began coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They set a "neutral" rating and a $35.00 price objective for the company. Barclays increased their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an "underweight" rating in a report on Thursday, December 5th. Stephens lowered their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, January 31st. Wells Fargo & Company increased their price target on First Interstate BancSystem from $29.00 to $30.00 and gave the company an "underweight" rating in a research note on Monday. Finally, DA Davidson restated a "buy" rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem has an average rating of "Hold" and an average price target of $36.14.

First Interstate BancSystem Price Performance

Shares of FIBK traded up $0.21 during mid-day trading on Monday, hitting $33.24. 223,004 shares of the company traded hands, compared to its average volume of 606,540. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 15.16 and a beta of 0.85. The business has a 50-day moving average of $32.97 and a 200 day moving average of $31.62. First Interstate BancSystem has a one year low of $24.16 and a one year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, equities analysts expect that First Interstate BancSystem will post 2.54 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Monday, February 10th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.66%. The ex-dividend date of this dividend is Monday, February 10th. First Interstate BancSystem's payout ratio is presently 85.85%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now directly owns 958,710 shares of the company's stock, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,837 shares of company stock valued at $1,839,583. Company insiders own 6.90% of the company's stock.

Institutional Trading of First Interstate BancSystem

A number of institutional investors have recently modified their holdings of FIBK. Geode Capital Management LLC raised its position in First Interstate BancSystem by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider's stock valued at $61,152,000 after buying an additional 59,367 shares during the last quarter. Jennison Associates LLC grew its stake in shares of First Interstate BancSystem by 73.9% during the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after acquiring an additional 654,688 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider's stock valued at $39,522,000 after purchasing an additional 78,596 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of First Interstate BancSystem by 309.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock worth $41,247,000 after purchasing an additional 960,372 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in First Interstate BancSystem by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider's stock worth $35,937,000 after purchasing an additional 32,968 shares during the last quarter. 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.