First Interstate BancSystem (NASDAQ:FIBK) Lowered to Sell Rating by Wall Street Zen

Key Points

• First Interstate BancSystem has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a shift in analysts' outlook on the stock.
• Recent analyst reports show mixed ratings, with some firms raising their price targets for the stock, reflecting a consensus price target of $35.43.
• Insider trading activity includes the sale of 55,000 shares by a major shareholder at an average price of $27.86, which represents a 9.41% decrease in their position.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Monday.

A number of other equities analysts also recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective on the stock in a report on Monday, June 23rd. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, First Interstate BancSystem currently has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Stock Performance

FIBK opened at $29.24 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 13.17 and a beta of 0.83. The company's 50 day moving average is $28.96 and its 200 day moving average is $28.79. First Interstate BancSystem has a 12-month low of $22.95 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. The company had revenue of $248.30 million for the quarter, compared to the consensus estimate of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The firm's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.58 earnings per share. On average, equities research analysts predict 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 55,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the sale, the insider owned 529,256 shares in the company, valued at approximately $14,745,072.16. This trade represents a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently modified their holdings of the stock. Wood Tarver Financial Group LLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth $26,000. JNBA Financial Advisors purchased a new position in shares of First Interstate BancSystem in the first quarter worth $29,000. GAMMA Investing LLC lifted its holdings in shares of First Interstate BancSystem by 186.5% in the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock worth $29,000 after buying an additional 647 shares in the last quarter. Quarry LP lifted its holdings in shares of First Interstate BancSystem by 63.8% in the first quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock worth $33,000 after buying an additional 450 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in shares of First Interstate BancSystem by 826.3% in the fourth quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after buying an additional 2,231 shares in the last quarter. 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.

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