First Interstate BancSystem (NASDAQ:FIBK) Upgraded to Sell at Wall Street Zen

First Interstate BancSystem (NASDAQ:FIBK) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Monday.

Several other research firms also recently issued reports on FIBK. DA Davidson downgraded First Interstate BancSystem from a “buy” rating to a “neutral” rating and cut their price objective for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Piper Sandler lowered their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Weiss Ratings downgraded First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 16th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Finally, Wells Fargo & Company boosted their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and a consensus price target of $37.00.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $36.43 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $3.54 billion, a P/E ratio of 11.87 and a beta of 0.76. The firm’s 50 day moving average price is $35.24 and its 200-day moving average price is $35.39. First Interstate BancSystem has a one year low of $26.16 and a one year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The company had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. As a group, equities research analysts predict that First Interstate BancSystem will post 2.66 EPS for the current year.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total transaction of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares in the company, valued at $31,286,625.12. The trade was a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. acquired a new stake in First Interstate BancSystem in the fourth quarter valued at $25,000. Kestra Advisory Services LLC purchased a new position in shares of First Interstate BancSystem in the 4th quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its position in shares of First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares in the last quarter. First Horizon Corp raised its position in shares of First Interstate BancSystem by 56.0% during the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 455 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in First Interstate BancSystem during the third quarter worth approximately $52,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

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.