Piper Sandler Cuts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $36.00

First Interstate BancSystem (NASDAQ:FIBK) had its price target trimmed by Piper Sandler from $38.00 to $36.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on the company. Barclays increased their target price on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. DA Davidson increased their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, Wells Fargo & Company cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $32.83.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $31.61 on Monday. The business’s 50 day moving average is $30.55 and its two-hundred day moving average is $28.74. First Interstate BancSystem has a 52-week low of $22.74 and a 52-week high of $33.00. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 12.59 and a beta of 0.81. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period last year, the business earned $0.70 EPS. Analysts forecast that First Interstate BancSystem will post 2.34 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 annualized dividend and a yield of 5.95%. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently modified their holdings of FIBK. Vanguard Group Inc. boosted its position in shares of First Interstate BancSystem by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock valued at $282,303,000 after purchasing an additional 533,293 shares during the period. PNC Financial Services Group Inc. lifted its stake in First Interstate BancSystem by 28.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 744 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in First Interstate BancSystem by 4.2% in the 1st quarter. Commonwealth Equity Services LLC now owns 49,982 shares of the financial services provider’s stock worth $1,360,000 after acquiring an additional 2,015 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in First Interstate BancSystem by 235.6% in the 1st quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after acquiring an additional 54,973 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in First Interstate BancSystem by 9.6% in the 1st quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock worth $23,149,000 after acquiring an additional 74,434 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.