UBS Group Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Sell

Key Points

• UBS downgraded First Interstate BancSystem (FIBK) from "neutral" to "sell" and set a $35 price target, implying only about a 3.4% upside from current levels.
• Analyst views are mixed — four Buys, two Holds and two Sells — resulting in a consensus rating of Hold with a $38.17 consensus target price.
• Fundamentals are mixed: quarterly EPS $1.08 beat estimates by $0.44 while revenue of $205.1M missed expectations; the stock trades near $33.85 with a PE of 11.47 and market cap around $3.42B.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) was downgraded by research analysts at UBS Group from a "neutral" rating to a "sell" rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $35.00 price objective on the financial services provider's stock. UBS Group's price target indicates a potential upside of 3.40% from the company's current price.

Several other research firms also recently issued reports on FIBK. Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an "outperform" rating in a report on Wednesday, December 17th. Weiss Ratings upgraded First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. Barclays cut their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating on the stock in a report on Friday, January 30th. Wells Fargo & Company boosted their price objective 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, Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $38.17.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $33.85 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The company's 50-day moving average price is $35.27 and its two-hundred day moving average price is $34.15. First Interstate BancSystem has a 52 week low of $22.95 and a 52 week high of $39.26. The stock has a market cap of $3.42 billion, a PE ratio of 11.47 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping the consensus estimate of $0.64 by $0.44. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm had revenue of $205.10 million for the quarter, compared to analysts' expectations of $256.89 million. During the same period in the previous year, the business earned $0.50 earnings per share. First Interstate BancSystem's revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently bought and sold shares of FIBK. AQR Capital Management LLC grew its stake in First Interstate BancSystem by 37.2% during the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock valued at $1,926,000 after acquiring an additional 18,210 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in First Interstate BancSystem by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock valued at $1,353,000 after acquiring an additional 2,070 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in First Interstate BancSystem during the 1st quarter valued at about $238,000. Jones Financial Companies Lllp grew its stake in First Interstate BancSystem by 24,352.5% during the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock valued at $708,000 after acquiring an additional 24,596 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in First Interstate BancSystem during the 1st quarter valued at about $5,125,000. Hedge funds and other institutional investors 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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