First Interstate BancSystem (NASDAQ:FIBK) Downgraded by Keefe, Bruyette & Woods to Hold

Key Points

• Keefe, Bruyette & Woods downgraded First Interstate BancSystem from "moderate buy" to "hold," and recent analyst actions leave the stock with a MarketBeat consensus rating of "Hold" and a consensus price target of $37.33.
• FIBK reported Q1 EPS of $0.61, beating estimates by $0.01 while revenue fell short of expectations; the stock trades near $35.45 with a 52‑week range of $25.81–$39.26 and a P/E of 11.55.
• Institutional ownership is high at 88.71%, with notable position changes including a large stake increase by Fifth Third Bancorp and added holdings by Villere St Denis.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) was downgraded by equities research analysts at Keefe, Bruyette & Woods from a "moderate buy" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Saturday, April 25th. Stephens lowered shares of First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a research note on Thursday, February 5th. UBS Group increased their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a research note on Friday. Wells Fargo & Company increased their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an "underweight" rating in a report on Monday, March 30th. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $37.33.

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $35.45 on Thursday. First Interstate BancSystem has a 52 week low of $25.81 and a 52 week high of $39.26. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of 11.55 and a beta of 0.77. The firm's 50-day simple moving average is $34.19 and its 200 day simple moving average is $34.41. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $41.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 28.19%.During the same quarter last year, the company earned $0.49 EPS. As a group, sell-side analysts predict that First Interstate BancSystem will post 2.71 earnings per share for the current year.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently made changes to their positions in the business. Fifth Third Bancorp boosted its stake in shares of First Interstate BancSystem by 66,462.5% during the 1st quarter. Fifth Third Bancorp now owns 37,275 shares of the financial services provider's stock valued at $1,245,000 after purchasing an additional 37,219 shares in the last quarter. Villere ST Denis J & Co. LLC boosted its holdings in First Interstate BancSystem by 15.1% in the first quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider's stock worth $20,943,000 after acquiring an additional 82,117 shares in the last quarter. ARGA Investment Management LP bought a new position in shares of First Interstate BancSystem in the first quarter worth approximately $415,000. Hsbc Holdings PLC raised its position in First Interstate BancSystem by 10.7% in the first quarter. Hsbc Holdings PLC now owns 67,624 shares of the financial services provider's stock worth $2,289,000 after acquiring an additional 6,541 shares during the period. Finally, Granite Investment Partners LLC raised its position in First Interstate BancSystem by 3.1% in the first quarter. Granite Investment Partners LLC now owns 172,335 shares of the financial services provider's stock worth $5,756,000 after acquiring an additional 5,109 shares during the period. 88.71% of the stock is currently owned by institutional investors.

About First Interstate BancSystem

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.

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