Piper Sandler Issues Pessimistic Forecast for First Interstate BancSystem (NASDAQ:FIBK) Stock Price

First Interstate BancSystem (NASDAQ:FIBK) had its target price decreased by equities research analysts at Piper Sandler from $44.00 to $41.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 22.46% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. UBS Group restated a “neutral” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Wednesday, February 4th. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday, March 30th. Stephens cut shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Wall Street Zen upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Barclays dropped their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, January 30th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $38.67.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $33.48 on Thursday. First Interstate BancSystem has a one year low of $22.95 and a one year high of $39.26. The company’s fifty day moving average price is $35.33 and its two-hundred day moving average price is $34.12. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 11.35 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 earnings per share. On average, analysts forecast that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of First Interstate BancSystem stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total transaction of $67,452.84. Following the sale, the insider owned 936,024 shares of the company’s stock, valued at approximately $34,558,006.08. This trade represents a 0.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of institutional investors have recently bought and sold shares of FIBK. Northern Capital Management Inc. increased its holdings in First Interstate BancSystem by 0.5% in the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after buying an additional 275 shares during the period. HighTower Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 375 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of First Interstate BancSystem by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after acquiring an additional 397 shares during the period. First Horizon Corp boosted its position in shares of First Interstate BancSystem by 56.0% during the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 455 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 516 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.