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

First Interstate BancSystem (NASDAQ:FIBK) had its target price boosted by equities research analysts at Piper Sandler from $37.00 to $38.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 18.71% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Stephens raised their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 price objective on shares of First Interstate BancSystem in a report on Monday, June 17th. StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Thursday, July 18th. Wells Fargo & Company upped their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Barclays boosted their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $32.40.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK traded down $0.34 on Monday, reaching $32.01. 16,511 shares of the company’s stock were exchanged, compared to its average volume of 749,900. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $33.00. The business’s 50-day moving average is $27.76 and its two-hundred day moving average is $27.13. 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 firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 12.75 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.22% and a net margin of 17.76%. During the same quarter last year, the firm earned $0.66 earnings per share. As a group, equities research analysts forecast that First Interstate BancSystem will post 2.28 EPS for the current year.

Insider Buying and Selling

In other news, Director Jonathan R. Scott sold 29,499 shares of First Interstate BancSystem 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 $746,029.71. Following the transaction, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan R. Scott sold 29,499 shares of the 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 completion of the sale, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the business. Global Retirement Partners LLC boosted its position in First Interstate BancSystem by 132.8% during the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 530 shares during the period. Wolverine Asset Management LLC acquired a new position in First Interstate BancSystem in the 4th quarter valued at $39,000. Parallel Advisors LLC lifted its position in First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 856 shares during the last quarter. CWM LLC boosted its holdings in First Interstate BancSystem by 42.1% during the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 702 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of First Interstate BancSystem by 28.2% in 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 purchasing an additional 744 shares during the last quarter. 88.71% of the stock is currently owned by 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.