First Interstate BancSystem (NASDAQ:FIBK) Price Target Cut to $36.00 by Analysts at Piper Sandler

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

Several other equities research analysts have also recently issued reports on FIBK. Wells Fargo & Company cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. Keefe, Bruyette & Woods upped their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Stephens reiterated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. DA Davidson boosted their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Barclays increased their price target on First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $32.50.

First Interstate BancSystem Stock Down 2.6 %

FIBK stock opened at $30.80 on Monday. First Interstate BancSystem has a 52 week low of $22.74 and a 52 week high of $33.00. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. The firm has a 50-day simple moving average of $30.64 and a 200-day simple moving average of $28.77. The stock has a market capitalization of $3.22 billion, a P/E ratio of 13.51 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same period in the previous year, the business earned $0.70 EPS. Equities analysts forecast that First Interstate BancSystem will post 2.34 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, November 14th. Investors of record on Monday, November 4th will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 annualized dividend and a yield of 6.10%. First Interstate BancSystem’s payout ratio is 82.46%.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of First Interstate BancSystem by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after purchasing an additional 533,293 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 744 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of 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 valued at $1,360,000 after acquiring an additional 2,015 shares during the period. BNP Paribas Financial Markets raised its stake in shares of 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 valued at $2,131,000 after acquiring an additional 54,973 shares during the period. Finally, Jennison Associates LLC lifted its holdings in shares of 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 during the last quarter. Hedge funds and other 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.