Piper Sandler Boosts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $37.00

First Interstate BancSystem (NASDAQ:FIBK) had its price target hoisted by Piper Sandler from $32.00 to $37.00 in a report published on Monday, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also recently issued reports on FIBK. Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $28.00 to $29.00 and gave the company a market perform rating in a research note on Friday, April 26th. Barclays upped their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock an equal weight rating in a report on Friday, April 26th. TheStreet lowered shares of First Interstate BancSystem from a b- rating to a c+ rating in a research note on Monday, March 18th. Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. Finally, Stephens reaffirmed an overweight rating and set a $32.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $30.20.

First Interstate BancSystem Price Performance

FIBK stock opened at $27.46 on Monday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 10.94 and a beta of 0.87. The firm’s 50-day moving average price is $26.15 and its two-hundred day moving average price is $26.76. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $252.30 million for the quarter, compared to the consensus estimate of $254.50 million. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. As a group, equities analysts predict that First Interstate BancSystem will post 2.18 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be paid a $0.47 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.88 annualized dividend and a dividend yield of 6.85%. First Interstate BancSystem’s payout ratio is 74.90%.

Insider Buying and Selling

In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Karlyn M. Knieriem sold 2,900 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total value of $77,604.00. Following the sale, the executive vice president now directly owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the transaction, the executive vice president now directly owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The disclosure for this sale can be found here. Insiders have sold 7,531 shares of company stock valued at $197,645 over the last quarter. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC raised its holdings in First Interstate BancSystem by 132.8% in the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after buying an additional 530 shares during the last quarter. Wolverine Asset Management LLC purchased a new position in First Interstate BancSystem in the 4th quarter worth approximately $39,000. Parallel Advisors LLC lifted its position in First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 856 shares in the last quarter. CWM LLC boosted its stake in First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 702 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of First Interstate BancSystem in the 3rd quarter worth $81,000. 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.