Wall Street Zen Upgrades First Interstate BancSystem (NASDAQ:FIBK) to "Sell"

Key Points

• Wall Street Zen upgraded First Interstate BancSystem from "strong sell" to "sell", while the broader analyst view remains cautious with a Hold consensus and a $37.00 average price target.
• The company reported quarterly earnings of $0.61 per share, edging past expectations of $0.60, though revenue came in well below analyst estimates.
• Insider selling has continued recently, with major shareholders Julie A. Scott and Jonathan R. Scott both selling shares; insiders have sold 32,392 shares worth about $1.16 million over the last 90 days.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Monday.

Other research analysts have also recently issued reports about the company. UBS Group boosted their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a report on Friday, May 1st. Piper Sandler cut their price target on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. Wells Fargo & Company increased their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 30th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Finally, DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $37.00.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $36.43 on Monday. The company's 50-day moving average price is $35.24 and its 200-day moving average price is $35.39. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The company has a market cap of $3.54 billion, a P/E ratio of 11.87 and a beta of 0.76. First Interstate BancSystem has a twelve month low of $26.16 and a twelve month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the previous year, the business posted $0.49 earnings per share. On average, sell-side analysts forecast that First Interstate BancSystem will post 2.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 15,000 shares of the company'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 value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares of the company's stock, valued at $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,392 shares of company stock valued at $1,161,552 in the last 90 days. Insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. AQR Capital Management LLC grew its holdings in shares of 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 worth $1,926,000 after purchasing an additional 18,210 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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 worth $1,353,000 after purchasing an additional 2,070 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in First Interstate BancSystem in the 1st quarter valued at about $238,000. Jones Financial Companies Lllp raised its holdings in First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock valued at $708,000 after buying an additional 24,596 shares during the period. Finally, Jane Street Group LLC acquired a new position in First Interstate BancSystem in the first 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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