First Interstate BancSystem (NASDAQ:FIBK) Downgraded to Sell Rating by StockNews.com

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

A number of other brokerages have also recently issued reports on FIBK. Wells Fargo & Company cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Piper Sandler lowered their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. DA Davidson lifted their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Barclays downgraded 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. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $32.50.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $33.96 on Wednesday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 14.64 and a beta of 0.81. 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 quick ratio of 0.78 and a current ratio of 0.78. The stock has a fifty day moving average price of $31.33 and a 200-day moving average price of $29.43.

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

Insider Transactions at First Interstate BancSystem

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

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its holdings in First Interstate BancSystem by 28.5% in the first quarter. Russell Investments Group Ltd. now owns 44,410 shares of the financial services provider’s stock valued at $1,209,000 after buying an additional 9,860 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of First Interstate BancSystem by 6.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock valued at $1,413,000 after purchasing an additional 2,940 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of First Interstate BancSystem during the 1st quarter worth approximately $286,000. CWM LLC grew its position in shares of First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of First Interstate BancSystem by 79.5% in the 2nd quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock valued at $500,000 after acquiring an additional 7,979 shares in the last quarter. 88.71% of the stock is owned by institutional investors.

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.