First Interstate BancSystem (NASDAQ:FIBK) Downgraded to Market Perform Rating by Keefe, Bruyette & Woods

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report issued on Friday.

Other analysts have also recently issued reports about the stock. UBS Group cut shares of First Interstate BancSystem from a “neutral” rating to a “sell” rating and decreased their target price for the company from $38.00 to $35.00 in a research report on Tuesday, April 7th. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Saturday, April 25th. DA Davidson reaffirmed a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Finally, Barclays dropped their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $38.00.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $35.49 on Friday. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 11.56 and a beta of 0.77. The firm’s fifty day moving average is $34.19 and its 200 day moving average is $34.41. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a 52-week low of $25.81 and a 52-week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 9.07%. The business had revenue of $41.10 million during the quarter, compared to analyst estimates of $242.78 million. During the same quarter last year, the business earned $0.49 earnings per share. Sell-side analysts forecast that First Interstate BancSystem will post 2.71 EPS for the current fiscal year.

Institutional Trading of First Interstate BancSystem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FIBK. Vanguard Group Inc. boosted its position in shares of First Interstate BancSystem by 13.7% during the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after buying an additional 1,214,454 shares during the period. Wellington Management Group LLP raised its holdings in shares of First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock worth $188,525,000 after buying an additional 1,003,021 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First Interstate BancSystem by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after acquiring an additional 78,835 shares during the last quarter. State Street Corp lifted its stake in shares of First Interstate BancSystem by 29.7% during the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after acquiring an additional 1,254,321 shares during the last quarter. Finally, HoldCo Asset Management LP boosted its holdings in First Interstate BancSystem by 10.6% during the 3rd quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after acquiring an additional 380,000 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.