First Savings Financial Group price target lowered to $30 from $33 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Savings Financial Group (FSFG) to $30 from $33 and keeps an Overweight rating on the shares. The firm notes Q1 results were mixed given a 16% PPNR shortfall tied to higher operating expenses, while both net interest income and the net interest margin were generally in-line. Piper is also encouraged by management’s recent decision to transition First Savings Financial Group’s HELOC platform to an originate-to-sell model, which will likely both improve core fee income growth and balance sheet optics over time.