Keefe, Bruyette & Woods Upgrades First Interstate BancSystem (NASDAQ:FIBK) to Moderate Buy

First Interstate BancSystem (NASDAQ:FIBK) was upgraded by research analysts at Keefe, Bruyette & Woods from a “hold” rating to a “moderate buy” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage presently has a $32.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 16.58% from the company’s current price.

A number of other research firms have also recently weighed in on FIBK. Barclays cut their price target on First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company cut their price target on First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating for the company in a report on Wednesday, April 9th. Finally, Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday, May 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and a consensus target price of $34.43.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $27.45 on Monday. The stock has a fifty day moving average price of $26.99 and a 200 day moving average price of $29.49. The stock has a market cap of $2.88 billion, a PE ratio of 13.01 and a beta of 0.79. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.77 and a current ratio of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The firm had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. Sell-side analysts forecast that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently made changes to their positions in FIBK. Wood Tarver Financial Group LLC purchased a new stake in First Interstate BancSystem during the fourth quarter valued at about $26,000. JNBA Financial Advisors purchased a new stake in First Interstate BancSystem during the first quarter valued at about $29,000. Quarry LP grew its position in First Interstate BancSystem by 63.8% during the first quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 450 shares during the period. Meeder Asset Management Inc. purchased a new stake in First Interstate BancSystem during the fourth quarter valued at about $69,000. Finally, Covestor Ltd grew its position in First Interstate BancSystem by 25.8% during the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 510 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.