StockNews.com Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Sell

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

FIBK has been the subject of several other reports. Stephens restated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. DA Davidson lifted their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, Wells Fargo & Company cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of “Hold” and a consensus price target of $32.50.

First Interstate BancSystem Stock Up 1.7 %

First Interstate BancSystem stock opened at $33.96 on Wednesday. First Interstate BancSystem has a fifty-two week low of $24.16 and a fifty-two week high of $34.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 14.64 and a beta of 0.81. The company’s 50 day simple moving average is $31.33 and its 200 day simple moving average is $29.43.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter last year, the business posted $0.70 earnings per share. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current year.

Insider Transactions at First Interstate BancSystem

In other news, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total transaction of $745,290.00. Following the completion of the transaction, the insider now directly owns 613,019 shares of the company’s stock, valued at $20,720,042.20. This represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,770 shares of company stock worth $1,630,272 in the last three months. Insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after purchasing an additional 367,212 shares during the period. Massachusetts Financial Services Co. MA increased its position in First Interstate BancSystem by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after buying an additional 32,348 shares during the last quarter. Geode Capital Management LLC raised its stake in First Interstate BancSystem by 3.1% in the third quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after buying an additional 59,367 shares during the period. Wellington Management Group LLP lifted its position in shares of First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after buying an additional 78,596 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of First Interstate BancSystem by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after acquiring an additional 52,919 shares during the period. Institutional investors and hedge funds 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.