First Interstate Bancsystem (NASDAQ:FIBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “
A number of other equities analysts have also recently commented on FIBK. Keefe, Bruyette & Woods reissued a “hold” rating and set a $45.00 price target on shares of First Interstate Bancsystem in a report on Friday, December 22nd. Barclays boosted their price objective on First Interstate Bancsystem from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Piper Jaffray Companies restated a “buy” rating on shares of First Interstate Bancsystem in a research report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. First Interstate Bancsystem has an average rating of “Hold” and a consensus target price of $44.75.
First Interstate Bancsystem (NASDAQ:FIBK) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.08). First Interstate Bancsystem had a return on equity of 9.10% and a net margin of 20.50%. The business had revenue of $138.03 million for the quarter, compared to analyst estimates of $138.00 million. research analysts anticipate that First Interstate Bancsystem will post 2.97 earnings per share for the current year.
In related news, SVP Kevin Guenthner sold 5,878 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $40.37, for a total transaction of $237,294.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kevin P. Riley purchased 800 shares of First Interstate Bancsystem stock in a transaction on Monday, February 5th. The stock was bought at an average price of $41.34 per share, for a total transaction of $33,072.00. Following the transaction, the chief executive officer now directly owns 28,349 shares in the company, valued at approximately $1,171,947.66. The disclosure for this purchase can be found here. Insiders have sold a total of 271,050 shares of company stock worth $10,723,117 in the last 90 days. 38.22% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FIBK. SG Americas Securities LLC bought a new stake in shares of First Interstate Bancsystem in the 3rd quarter valued at about $105,000. Stifel Financial Corp bought a new stake in shares of First Interstate Bancsystem in the 3rd quarter valued at about $200,000. Xact Kapitalforvaltning AB bought a new stake in shares of First Interstate Bancsystem in the 4th quarter valued at about $217,000. Opus Capital Group LLC bought a new stake in shares of First Interstate Bancsystem in the 4th quarter valued at about $223,000. Finally, Victory Capital Management Inc. grew its position in shares of First Interstate Bancsystem by 31.9% in the 3rd quarter. Victory Capital Management Inc. now owns 5,977 shares of the financial services provider’s stock valued at $229,000 after buying an additional 1,446 shares during the last quarter. Hedge funds and other institutional investors own 46.09% of the company’s stock.
First Interstate Bancsystem Company Profile
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
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