Piper Sandler Raises First Interstate Bancsystem (NASDAQ:FIBK) Price Target to $38.00

First Interstate Bancsystem (NASDAQ:FIBK) had its price objective boosted by Piper Sandler from $37.00 to $38.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

A number of other brokerages also recently commented on FIBK. BidaskClub downgraded shares of First Interstate Bancsystem from a sell rating to a strong sell rating in a research report on Friday, July 10th. Zacks Investment Research downgraded shares of First Interstate Bancsystem from a hold rating to a sell rating in a research report on Tuesday, July 21st. ValuEngine raised shares of First Interstate Bancsystem from a sell rating to a hold rating in a research report on Thursday, July 2nd. Wells Fargo & Co lifted their price objective on shares of First Interstate Bancsystem from $28.00 to $35.00 and gave the company an overweight rating in a research report on Monday, May 4th. Finally, Keefe, Bruyette & Woods raised shares of First Interstate Bancsystem from a market perform rating to an outperform rating and set a $39.00 price objective for the company in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $37.33.

First Interstate Bancsystem stock traded down $0.26 during mid-day trading on Thursday, reaching $29.11. The company’s stock had a trading volume of 211,772 shares, compared to its average volume of 164,429. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 11.24 and a beta of 1.14. First Interstate Bancsystem has a 12 month low of $24.50 and a 12 month high of $43.83. The business’s 50 day simple moving average is $30.22 and its 200 day simple moving average is $32.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.79 and a current ratio of 0.79.

First Interstate Bancsystem (NASDAQ:FIBK) last released its earnings results on Monday, July 27th. The financial services provider reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.10. The business had revenue of $162.20 million during the quarter, compared to the consensus estimate of $164.47 million. First Interstate Bancsystem had a net margin of 23.56% and a return on equity of 8.61%. As a group, sell-side analysts expect that First Interstate Bancsystem will post 2.38 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date is Thursday, August 6th. First Interstate Bancsystem’s dividend payout ratio is presently 44.30%.

In related news, CEO Kevin P. Riley bought 2,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was bought at an average price of $34.13 per share, for a total transaction of $68,260.00. Following the purchase, the chief executive officer now owns 26,791 shares in the company, valued at approximately $914,376.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ross E. Leckie sold 1,440 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $32.42, for a total transaction of $46,684.80. Following the sale, the director now owns 8,028 shares of the company’s stock, valued at approximately $260,267.76. The disclosure for this sale can be found here. Company insiders own 21.99% of the company’s stock.

A number of institutional investors have recently modified their holdings of FIBK. FDx Advisors Inc. acquired a new stake in First Interstate Bancsystem in the 1st quarter worth about $31,000. PrairieView Partners LLC bought a new stake in First Interstate Bancsystem during the 1st quarter worth approximately $32,000. Rockefeller Capital Management L.P. grew its holdings in First Interstate Bancsystem by 36.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 361 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in First Interstate Bancsystem by 2,370.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,433 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,375 shares during the last quarter. Finally, Aigen Investment Management LP bought a new stake in First Interstate Bancsystem during the 1st quarter worth approximately $56,000. Institutional investors and hedge funds own 50.09% 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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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