Stephens Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Equal Weight

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by Stephens from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday, Marketbeat reports.

FIBK has been the topic of several other reports. Piper Sandler increased their price target on First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. UBS Group reissued a “neutral” rating and set a $38.00 price target on shares of First Interstate BancSystem in a report on Wednesday. Barclays dropped their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Friday, January 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus target price of $38.17.

First Interstate BancSystem Stock Up 2.2%

First Interstate BancSystem stock opened at $38.82 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.73. First Interstate BancSystem has a fifty-two week low of $22.95 and a fifty-two week high of $39.17. The company has a market cap of $3.99 billion, a PE ratio of 13.16 and a beta of 0.80. The business’s 50-day simple moving average is $36.00 and its two-hundred day simple moving average is $32.99.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 8.83%. First Interstate BancSystem’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. Equities analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $32.75, for a total transaction of $327,500.00. Following the completion of the sale, the insider directly owned 224,460 shares in the company, valued at approximately $7,351,065. The trade was a 4.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 1,827 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total value of $67,452.84. Following the transaction, the insider directly owned 936,024 shares of the company’s stock, valued at $34,558,006.08. The trade was a 0.19% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 45,432 shares of company stock worth $1,454,120. Insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently modified their holdings of the business. First Horizon Corp purchased a new position in First Interstate BancSystem in the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted 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. Jones Financial Companies Lllp boosted its stake in First Interstate BancSystem by 1,485.1% during the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after buying an additional 1,500 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in First Interstate BancSystem in the 3rd quarter valued at $52,000. Finally, GAMMA Investing LLC increased its stake in shares of First Interstate BancSystem by 49.6% in the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 516 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Company Profile

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.