First Interstate BancSystem (NASDAQ:FIBK) Stock Rating Upgraded by Benchmark

First Interstate BancSystem (NASDAQ:FIBK) was upgraded by stock analysts at Benchmark to a “hold” rating in a research report issued on Wednesday, Zacks reports.

A number of other research firms also recently issued reports on FIBK. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. DA Davidson restated a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of “Reduce” and a consensus price target of $36.83.

First Interstate BancSystem Stock Up 1.4%

FIBK stock opened at $36.51 on Wednesday. First Interstate BancSystem has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 11.23 and a beta of 0.75. The business’s 50 day moving average price is $37.66 and its two-hundred day moving average price is $36.24. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. During the same quarter last year, the business posted $0.69 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts forecast that First Interstate BancSystem will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the transaction, the insider directly owned 484,309 shares in the company, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 8,071 shares of First Interstate BancSystem stock in a transaction on Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the transaction, the insider owned 817,738 shares in the company, valued at $30,493,450.02. This trade represents a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 27,700 shares of company stock valued at $1,029,476. 8.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new stake in First Interstate BancSystem in the 2nd quarter worth approximately $26,000. NewEdge Advisors LLC bought a new position in shares of First Interstate BancSystem in the second quarter worth approximately $232,000. IFP Advisors Inc boosted its position in shares of First Interstate BancSystem by 3,833.3% in the second quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 3,335 shares during the period. Squarepoint Ops LLC increased its stake in shares of First Interstate BancSystem by 3.0% in the second quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider’s stock worth $4,811,000 after purchasing an additional 3,643 shares in the last quarter. Finally, Amundi increased its stake in shares of First Interstate BancSystem by 97.0% in the second quarter. Amundi now owns 49,196 shares of the financial services provider’s stock worth $1,897,000 after purchasing an additional 24,220 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.