First Interstate BancSystem (NASDAQ:FIBK) Stock Rating Lowered 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 stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Monday.

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

First Interstate BancSystem Trading Down 1.6%

Shares of First Interstate BancSystem stock traded down $0.49 during trading on Monday, hitting $30.10. 93,932 shares of the company were exchanged, compared to its average volume of 829,109. The firm has a market capitalization of $3.16 billion, a P/E ratio of 13.57 and a beta of 0.83. First Interstate BancSystem has a 1-year low of $22.95 and a 1-year high of $36.77. The firm's fifty day moving average price is $29.13 and its 200 day moving average price is $28.79. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%. The business had revenue of $248.30 million during the quarter, compared to analyst estimates of $253.73 million. During the same period in the previous year, the firm earned $0.58 EPS. First Interstate BancSystem's quarterly revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the completion of the transaction, the insider directly owned 529,256 shares in the company, valued at $14,745,072.16. This trade represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently added to or reduced their stakes in the business. Wood Tarver Financial Group LLC acquired a new stake in First Interstate BancSystem in the fourth quarter valued at approximately $26,000. GAMMA Investing LLC grew its stake in First Interstate BancSystem by 186.5% in the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 647 shares during the period. JNBA Financial Advisors acquired a new stake in First Interstate BancSystem in the first quarter valued at approximately $29,000. Quarry LP grew its stake in First Interstate BancSystem by 63.8% in the first quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 450 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 862 shares during the period. 88.71% of the stock is currently owned by institutional investors.

About First Interstate BancSystem

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.