Keefe, Bruyette & Woods Cuts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $38.00

First Interstate BancSystem (NASDAQ:FIBK) had its target price reduced by Keefe, Bruyette & Woods from $39.00 to $38.00 in a research report released on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the company. DA Davidson restated a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 29th. Wells Fargo & Company raised their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a report on Monday, March 30th. Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. UBS Group lowered First Interstate BancSystem from a “neutral” rating to a “sell” rating and cut their target price for the company from $38.00 to $35.00 in a report on Tuesday, April 7th. Finally, Barclays cut their target price on 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, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $38.00.

First Interstate BancSystem Price Performance

FIBK opened at $34.03 on Thursday. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of 11.54 and a beta of 0.77. First Interstate BancSystem has a 1 year low of $23.77 and a 1 year high of $39.26. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average price of $35.08 and a 200 day moving average price of $34.16.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. The firm 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 revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share. Analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were paid a $0.47 dividend. The ex-dividend date was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.5%. First Interstate BancSystem’s payout ratio is presently 63.73%.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors have recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem in the fourth quarter worth about $25,000. First Horizon Corp bought a new position in shares of First Interstate BancSystem in the third quarter worth about $26,000. Kestra Advisory Services LLC bought a new position in shares of First Interstate BancSystem in the fourth quarter worth about $29,000. EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after buying an additional 862 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in First Interstate BancSystem by 49.6% during the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after buying an additional 516 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

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.