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

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

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

First Interstate BancSystem Stock Up 1.4%

Shares of NASDAQ FIBK opened at $36.51 on Wednesday. The stock has a market capitalization of $3.48 billion, a P/E ratio of 11.23 and a beta of 0.75. The stock’s fifty day moving average is $37.66 and its 200 day moving average is $36.24. First Interstate BancSystem has a 52 week low of $29.10 and a 52 week high of $40.60. 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 announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.18. The firm had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. Sell-side analysts forecast that First Interstate BancSystem will post 2.84 earnings per share for the current fiscal year.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the transaction, the insider owned 484,309 shares of the company’s stock, 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 the SEC website. Also, major shareholder Jonathan R. Scott sold 8,071 shares of First Interstate BancSystem stock in a transaction on Monday, September 14th. The stock was sold at an average price of $37.29, for a total transaction of $300,967.59. Following the transaction, the insider owned 817,738 shares in the company, valued at approximately $30,493,450.02. This trade represents a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 27,700 shares of company stock worth $1,029,476. 8.00% of the stock is owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently bought and sold shares of the stock. Louisiana State Employees Retirement System acquired a new position in shares of First Interstate BancSystem in the 1st quarter worth approximately $1,303,000. Hsbc Holdings PLC acquired a new stake in First Interstate BancSystem during the fourth quarter worth approximately $2,127,000. Rice Hall James & Associates LLC bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at $3,853,000. The Manufacturers Life Insurance Company bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at $1,776,000. Finally, BlackRock Inc. acquired a new position in shares of First Interstate BancSystem during the 2nd quarter valued at $529,533,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.