First Interstate BancSystem (NASDAQ:FIBK) Given Overweight Rating at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a report released on Monday, Benzinga reports. Piper Sandler currently has a $38.00 price target on the financial services provider’s stock.

Other research analysts also recently issued reports about the company. Wells Fargo & Company boosted their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the stock an equal weight rating in a research note on Monday, July 29th. Barclays upped their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an equal weight rating in a report on Monday, July 29th. StockNews.com upgraded shares of First Interstate BancSystem from a sell rating to a hold rating in a research note on Friday, August 2nd. DA Davidson upped their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a market perform rating in a research note on Monday, July 29th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, First Interstate BancSystem presently has an average rating of Hold and a consensus target price of $33.33.

First Interstate BancSystem Stock Performance

FIBK stock opened at $30.74 on Monday. First Interstate BancSystem has a one year low of $20.81 and a one year high of $33.00. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 12.25 and a beta of 0.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50-day simple moving average of $28.94 and a two-hundred day simple moving average of $27.30.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. The company had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $246.07 million. During the same quarter in the prior year, the company posted $0.66 earnings per share. On average, equities analysts forecast that First Interstate BancSystem will post 2.32 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.12%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the completion of the transaction, the insider now directly owns 879,869 shares in the company, valued at $22,251,887.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the sale, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently made changes to their positions in the company. Wolverine Asset Management LLC acquired a new stake in First Interstate BancSystem during the fourth quarter valued at $39,000. Parallel Advisors LLC boosted its stake in shares of First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 856 shares in the last quarter. CWM LLC grew its position in shares of 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 acquiring an additional 702 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of 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 valued at $104,000 after purchasing an additional 744 shares in the last quarter. Finally, Innealta Capital LLC acquired a new position in First Interstate BancSystem in the 2nd quarter worth about $106,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

About First Interstate BancSystem

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.