First Interstate BancSystem (NASDAQ:FIBK) Lowered to Neutral Rating by DA Davidson

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by research analysts at DA Davidson from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $39.00 price target on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 7.94% from the company’s current price.

A number of other research firms have also recently issued reports on FIBK. UBS Group upped their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a report on Friday, May 1st. Piper Sandler decreased their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Finally, Barclays cut their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $37.00.

First Interstate BancSystem Stock Up 1.8%

FIBK stock opened at $36.13 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. First Interstate BancSystem has a 52-week low of $25.81 and a 52-week high of $39.26. The company has a 50-day moving average of $34.28 and a two-hundred day moving average of $34.88. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 11.77 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The company had revenue of $5.10 million during the quarter, compared to analysts’ expectations of $242.78 million. During the same period in the prior year, the company earned $0.49 earnings per share. As a group, equities research analysts anticipate that First Interstate BancSystem will post 2.66 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised 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 last quarter. Wellington Management Group LLP raised its position in 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 purchasing an additional 1,003,021 shares in the last quarter. Dimensional Fund Advisors LP raised its position in First Interstate BancSystem by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock worth $188,066,000 after purchasing an additional 231,405 shares in the last quarter. State Street Corp raised its position in First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after purchasing an additional 1,254,321 shares in the last quarter. Finally, HoldCo Asset Management LP raised its position in First Interstate BancSystem by 10.6% in the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock worth $125,890,000 after purchasing an additional 380,000 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 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.