Weiss Ratings Reiterates "Hold (C+)" Rating for First Interstate BancSystem (NASDAQ:FIBK)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C+)" rating for First Interstate BancSystem, while various brokerages have provided mixed ratings and target price adjustments for the stock.
• As of Wednesday, First Interstate BancSystem's shares were down 0.4% and are trading at approximately $31.72, with a market capitalization of $3.33 billion.
• In recent insider transactions, significant shareholders sold shares, with major shareholder Jonathan R. Scott selling 13,715 shares worth around $440,000.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report)'s stock had its "hold (c+)" rating reiterated by research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Several other brokerages have also issued reports on FIBK. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price on the stock in a research note on Monday, June 23rd. Wells Fargo & Company raised their price objective on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an "underweight" rating in a research note on Monday, September 29th. DA Davidson raised their price objective on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Finally, Barclays raised their price objective on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the company an "equal weight" rating in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, First Interstate BancSystem presently has a consensus rating of "Hold" and a consensus target price of $35.43.

First Interstate BancSystem Stock Down 0.4%

Shares of NASDAQ FIBK opened at $31.72 on Wednesday. The company has a market capitalization of $3.33 billion, a P/E ratio of 14.29 and a beta of 0.79. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $36.77. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. The company's 50 day moving average price is $31.52 and its 200-day moving average price is $29.10.

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

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 13,715 shares of First Interstate BancSystem stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $32.09, for a total value of $440,114.35. Following the completion of the transaction, the insider owned 959,109 shares in the company, valued at $30,777,807.81. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John M. Heyneman, Jr. sold 11,818 shares of First Interstate BancSystem stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the transaction, the director owned 5,224 shares of the company's stock, valued at $157,660.32. The trade was a 69.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 151,133 shares of company stock worth $4,535,288 over the last quarter. Corporate insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On First Interstate BancSystem

Large investors have recently modified their holdings of the business. Cullen Capital Management LLC boosted its position in shares of First Interstate BancSystem by 9.1% in the second quarter. Cullen Capital Management LLC now owns 19,877 shares of the financial services provider's stock valued at $573,000 after acquiring an additional 1,663 shares during the period. American Trust bought a new position in shares of First Interstate BancSystem in the second quarter valued at approximately $823,000. Kestra Investment Management LLC boosted its position in shares of First Interstate BancSystem by 26.7% in the second quarter. Kestra Investment Management LLC now owns 37,886 shares of the financial services provider's stock valued at $1,092,000 after acquiring an additional 7,973 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of First Interstate BancSystem by 6.0% in the second quarter. CANADA LIFE ASSURANCE Co now owns 25,125 shares of the financial services provider's stock valued at $724,000 after acquiring an additional 1,415 shares during the period. Finally, Captrust Financial Advisors bought a new stake in First Interstate BancSystem during the second quarter valued at approximately $216,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.