Keefe, Bruyette & Woods Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Market Perform

Key Points

• Keefe, Bruyette & Woods downgraded First Interstate BancSystem from "Outperform" to "Market Perform," and several other analysts (including UBS, Barclays and Wall Street Zen) have recently cut ratings; the consensus remains a Hold with a $38 price target.
• FIBK stock opened at $35.49 (up about 3.1%), with a market cap of $3.59 billion and a P/E of 11.56, trading near its 50- and 200-day moving averages in the mid-$30s.
• The company reported Q1 EPS of $0.61, beating estimates by $0.01, and showed a net margin of 21.4% and a return on equity of 9.07%.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) was downgraded by research analysts at Keefe, Bruyette & Woods from an "outperform" rating to a "market perform" rating in a research report issued to clients and investors on Friday.

FIBK has been the subject of a number of other reports. UBS Group lowered shares of First Interstate BancSystem from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $38.00 to $35.00 in a research report on Tuesday, April 7th. Barclays decreased their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Friday, January 30th. Piper Sandler dropped their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. DA Davidson reiterated a "buy" rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Finally, Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Saturday, April 25th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, First Interstate BancSystem presently has a consensus rating of "Hold" and a consensus price target of $38.00.

First Interstate BancSystem Stock Up 3.1%

FIBK stock opened at $35.49 on Friday. The business's 50-day moving average price is $34.19 and its 200-day moving average price is $34.41. The stock has a market cap of $3.59 billion, a P/E ratio of 11.56 and a beta of 0.77. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a twelve month low of $25.81 and a twelve month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 9.07%. The company had revenue of $41.10 million during the quarter, compared to analyst estimates of $242.78 million. During the same period in the prior year, the firm posted $0.49 EPS. On average, equities research analysts forecast that First Interstate BancSystem will post 2.71 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Eurizon Capital SGR S.p.A. bought a new stake in shares of First Interstate BancSystem in the fourth quarter worth about $25,000. First Horizon Corp bought a new position in First Interstate BancSystem during the third quarter valued at approximately $26,000. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem during the 4th quarter valued at approximately $29,000. EverSource Wealth Advisors LLC grew its holdings in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after buying an additional 862 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its stake in First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider's stock worth $52,000 after acquiring an additional 1,500 shares during the last quarter. Institutional investors own 88.71% of the company's stock.

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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