First Interstate BancSystem's (FIBK) "Neutral" Rating Reaffirmed at DA Davidson

Key Points

• DA Davidson reaffirmed a “Neutral” rating on First Interstate BancSystem with a $39 price target, implying approximately 1.24% upside from the prior close.
• FIBK shares rose 1.1% to $38.52, while the broader analyst view remained “Hold,” with two Buy, four Hold, and two Sell ratings and an average price target of $37.33.
• The company reported quarterly EPS of $0.87, exceeding the $0.68 consensus estimate; institutional investors own approximately 88.71% of outstanding shares, while insiders have sold shares in recent months.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report)'s stock had its "neutral" rating reiterated by analysts at DA Davidson in a report issued on Monday,Benzinga reports. They presently have a $39.00 price target on the financial services provider's stock. DA Davidson's price target would indicate a potential upside of 1.24% from the company's previous close.

A number of other research analysts also recently commented on the stock. Wall Street Zen raised shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. UBS Group boosted their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a report on Friday, May 1st. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Finally, Wells Fargo & Company increased 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 equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $37.33.

First Interstate BancSystem Trading Up 1.1%

Shares of First Interstate BancSystem stock traded up $0.40 during trading hours on Monday, reaching $38.52. 283,793 shares of the company's stock were exchanged, compared to its average volume of 1,167,814. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 11.85 and a beta of 0.76. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a 52-week low of $27.60 and a 52-week high of $40.60. The company has a fifty day moving average of $37.17 and a 200-day moving average of $36.02.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The firm had revenue of $99.10 million during the quarter, compared to analyst estimates of $249.32 million. Sell-side analysts forecast that First Interstate BancSystem will post 2.66 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider directly owned 866,628 shares in the company, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The stock was 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 of the company's stock, valued at $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 32,392 shares of company stock valued at $1,161,552. 8.00% of the stock is owned by insiders.

Institutional Trading of First Interstate BancSystem

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider's stock valued at $347,675,000 after acquiring an additional 1,214,454 shares during the period. Wellington Management Group LLP increased its holdings in First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider's stock valued at $188,525,000 after purchasing an additional 1,003,021 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of First Interstate BancSystem by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider's stock valued at $188,066,000 after acquiring an additional 231,405 shares during the last quarter. State Street Corp raised its stake in First Interstate BancSystem by 29.7% during the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider's stock worth $189,686,000 after buying an additional 1,254,321 shares during the period. Finally, Capital International Investors acquired a new position in shares of First Interstate BancSystem in the 4th quarter valued at approximately $92,504,000. Institutional investors and hedge funds own 88.71% of the company's stock.

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.

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