Wall Street Zen Upgrades First Interstate BancSystem (NASDAQ:FIBK) to Hold

Key Points

• Wall Street Zen upgraded First Interstate BancSystem to “Hold” from “Sell.” Overall analyst sentiment remains cautious, with an average “Reduce” rating and a $37.00 price target.
• FIBK reported quarterly EPS of $0.87, beating the $0.69 consensus estimate, while revenue of $263.9 million exceeded expectations and increased 6.4% year over year.
• The stock opened at $34.52, below its 50-day and 200-day moving averages. Insiders sold 27,700 shares worth approximately $1.03 million over the past 90 days, while institutional investors own 88.71% of the company.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on FIBK. Weiss Ratings restated a "buy (b)" rating on shares of First Interstate BancSystem in a research note on Monday, September 28th. DA Davidson reaffirmed a "neutral" rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Wells Fargo & Company reiterated an "underweight" rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Benchmark raised First Interstate BancSystem to a "hold" rating in a research report on Wednesday, September 23rd. Finally, Barclays boosted their target price on First Interstate BancSystem from $37.00 to $38.00 and gave the stock an "underweight" rating in a research note on Monday, October 5th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem presently has an average rating of "Reduce" and an average price target of $37.00.

First Interstate BancSystem Price Performance

FIBK opened at $34.52 on Friday. The firm has a market capitalization of $3.29 billion, a PE ratio of 10.62 and a beta of 0.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The business's 50-day moving average is $37.07 and its two-hundred day moving average is $36.41. First Interstate BancSystem has a 1 year low of $29.10 and a 1 year high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business had revenue of $263.90 million for the quarter, compared to analysts' expectations of $249.32 million. During the same period last year, the business earned $0.69 EPS. The company's revenue was up 6.4% compared to the same quarter last year. Research analysts anticipate that First Interstate BancSystem will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 2,700 shares of the firm's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the transaction, the insider owned 484,309 shares of the company's stock, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Jonathan Scott sold 16,929 shares of First Interstate BancSystem stock in a transaction on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the sale, the insider owned 825,809 shares of the company's stock, valued at $30,579,707.27. The trade was a 2.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,700 shares of company stock worth $1,029,476 in the last 90 days. 8.00% of the stock is currently owned by company insiders.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of First Interstate BancSystem by 31.0% in the third quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider's stock valued at $96,000 after purchasing an additional 639 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of First Interstate BancSystem during the second quarter worth about $26,000. NewEdge Advisors LLC acquired a new stake in shares of First Interstate BancSystem during the second quarter worth about $232,000. IFP Advisors Inc boosted its position in First Interstate BancSystem by 3,833.3% in the second quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider's stock valued at $132,000 after buying an additional 3,335 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in First Interstate BancSystem by 3.0% in the second quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider's stock valued at $4,811,000 after buying an additional 3,643 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.

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