First Interstate BancSystem (NASDAQ:FIBK) Stock Rating Upgraded by Wall Street Zen

First Interstate BancSystem (NASDAQ:FIBK) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

FIBK has been the subject of a number of other research reports. Wells Fargo & Company reiterated an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Weiss Ratings reissued a “buy (b)” rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. DA Davidson reissued a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Barclays upped their price target on First Interstate BancSystem from $37.00 to $38.00 and gave the stock an “underweight” rating in a report on Monday, October 5th. Finally, Benchmark upgraded First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $37.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $34.52 on Friday. First Interstate BancSystem has a 12-month low of $29.10 and a 12-month high of $40.60. The company has a market cap of $3.29 billion, a P/E ratio of 10.62 and a beta of 0.73. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average price of $37.07 and a 200 day moving average price of $36.44.

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

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan Scott sold 16,929 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $37.03, for a total value of $626,880.87. Following the completion of the transaction, the insider directly owned 825,809 shares of the company’s stock, valued at $30,579,707.27. This represents a 2.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the sale, the insider owned 484,309 shares of the company’s stock, valued at $18,229,390.76. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,700 shares of company stock worth $1,029,476 in the last quarter. 8.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new position in First Interstate BancSystem during the 2nd quarter worth $26,000. Allworth Financial LP bought a new stake in shares of First Interstate BancSystem in the 2nd quarter worth about $62,000. Public Employees Retirement System of Ohio acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $65,000. SJS Investment Consulting Inc. raised its stake in shares of First Interstate BancSystem by 15,876.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 2,064 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of First Interstate BancSystem by 17.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock valued at $70,000 after purchasing an additional 315 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.