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

First Interstate BancSystem (NASDAQ:FIBK) had its target price cut by Piper Sandler from $42.00 to $41.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 26.39% from the company’s previous close.

Several other brokerages have also recently commented on FIBK. DA Davidson reaffirmed a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Barclays lifted their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Stephens reduced their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, December 24th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $36.14.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $32.44 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem has a 1 year low of $24.16 and a 1 year high of $36.77. The company has a market cap of $3.39 billion, a PE ratio of 14.81 and a beta of 0.85. The stock’s 50-day moving average price is $32.97 and its two-hundred day moving average price is $31.62.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, analysts predict that First Interstate BancSystem will post 2.54 EPS for the current year.

Insider Activity at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem 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 transaction, the insider now owns 75,387 shares of the company’s stock, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the completion of the sale, the insider now owns 613,019 shares of the company’s stock, valued at $20,720,042.20. The trade was a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,837 shares of company stock valued at $1,839,583. Insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. TNF LLC grew its position in shares of First Interstate BancSystem by 1.5% in the third quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 367 shares during the last quarter. Wrapmanager Inc. boosted its stake in First Interstate BancSystem by 5.0% during the 3rd quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider’s stock valued at $275,000 after purchasing an additional 429 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in First Interstate BancSystem by 5.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock valued at $311,000 after buying an additional 507 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in First Interstate BancSystem by 1.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock worth $1,370,000 after buying an additional 598 shares during the period. Finally, Inspire Investing LLC lifted its holdings in shares of First Interstate BancSystem by 5.3% during the third quarter. Inspire Investing LLC now owns 13,422 shares of the financial services provider’s stock worth $412,000 after buying an additional 673 shares during the last quarter. Institutional investors 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.