First Interstate BancSystem (NASDAQ:FIBK) Rating Increased to Buy at Zacks Investment Research


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First Interstate BancSystem (NASDAQ:FIBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $53.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.97% from the company’s current price.

According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “

Several other research firms also recently issued reports on FIBK. Wells Fargo & Company downgraded First Interstate BancSystem from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $39.00 to $41.00 in a research report on Monday, January 4th. Janney Montgomery Scott restated a “neutral” rating and issued a $46.00 target price on shares of First Interstate BancSystem in a research note on Monday, March 29th. Finally, Stephens started coverage on First Interstate BancSystem in a report on Friday, January 15th. They set an “overweight” rating for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $45.00.

Shares of First Interstate BancSystem stock opened at $47.76 on Monday. The stock has a market capitalization of $2.96 billion, a P/E ratio of 18.44 and a beta of 1.14. First Interstate BancSystem has a 52-week low of $26.65 and a 52-week high of $51.24. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.81. The stock’s 50-day simple moving average is $47.35 and its 200 day simple moving average is $42.63.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Monday, April 26th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. First Interstate BancSystem had a net margin of 23.85% and a return on equity of 8.42%. Equities research analysts forecast that First Interstate BancSystem will post 2.58 EPS for the current fiscal year.

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, February 4th. The shares were sold at an average price of $41.00, for a total value of $512,500.00. Following the completion of the transaction, the director now owns 2,371 shares of the company’s stock, valued at approximately $97,211. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jeremy Scott sold 1,000 shares of the stock in a transaction on Tuesday, February 9th. The stock was sold at an average price of $43.01, for a total transaction of $43,010.00. The disclosure for this sale can be found here. Insiders sold a total of 112,337 shares of company stock worth $4,827,360 over the last 90 days. Corporate insiders own 21.99% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its holdings in shares of First Interstate BancSystem by 32.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,025 shares of the financial services provider’s stock valued at $42,000 after buying an additional 250 shares in the last quarter. CAPROCK Group Inc. bought a new position in First Interstate BancSystem during the first quarter valued at approximately $201,000. Mengis Capital Management Inc. purchased a new position in shares of First Interstate BancSystem during the fourth quarter worth approximately $211,000. Washington Trust Bank bought a new stake in shares of First Interstate BancSystem in the 1st quarter worth approximately $229,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Interstate BancSystem by 17.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,527 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 987 shares in the last quarter. 51.27% of the stock is owned by hedge funds and other 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 deposit products that include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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