First Interstate BancSystem’s (FIBK) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research report sent to investors on Monday morning, Benzinga reports. Piper Sandler currently has a $38.00 price objective on the financial services provider’s stock.

FIBK has been the subject of several other research reports. Barclays boosted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company an equal weight rating in a report on Monday, July 29th. Stephens increased their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a report on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform 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 report on Friday, August 2nd. Finally, DA Davidson raised their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $33.33.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $30.69 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $3.21 billion, a PE ratio of 12.23 and a beta of 0.82. The firm’s 50 day moving average price is $29.24 and its 200-day moving average price is $27.38. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. During the same quarter last year, the company posted $0.66 EPS. Equities research analysts expect that First Interstate BancSystem will post 2.32 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.13%. First Interstate BancSystem’s dividend payout ratio is 74.90%.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $746,029.71. Following the completion of the transaction, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction that occurred on 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 approximately $25,837,857.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 209,831 shares of the 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 transaction, the insider now owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,880 shares of company stock valued at $6,069,480. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently made changes to their positions in the business. TNF LLC lifted its holdings in shares of First Interstate BancSystem by 1.7% in the 2nd quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock valued at $694,000 after acquiring an additional 410 shares during the last quarter. Caprock Group LLC lifted its stake in shares of First Interstate BancSystem by 1.7% in the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 422 shares during the last quarter. CWM LLC boosted its holdings in shares of First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the period. Inspire Investing LLC increased its position in shares of First Interstate BancSystem by 4.6% during the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock valued at $355,000 after purchasing an additional 570 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in First Interstate BancSystem by 1.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock valued at $1,370,000 after buying an additional 598 shares during the period. 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.