StockNews.com Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Sell

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

A number of other brokerages have also weighed in on FIBK. Piper Sandler reaffirmed an “overweight” rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research note on Monday, August 26th. Keefe, Bruyette & Woods upped their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Barclays upped their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Stephens increased their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $33.33.

First Interstate BancSystem Trading Down 3.2 %

FIBK opened at $30.98 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $3.24 billion, a PE ratio of 12.34 and a beta of 0.82. First Interstate BancSystem has a 1-year low of $20.81 and a 1-year high of $33.00. The firm has a 50-day moving average price of $30.13 and a two-hundred day moving average price of $27.84.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The company had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same quarter in the previous year, the company earned $0.66 EPS. As a group, equities analysts anticipate that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

Institutional Trading of First Interstate BancSystem

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. Parallel Advisors LLC grew its position in First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 856 shares during the period. CWM LLC grew its holdings in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after buying an additional 430 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of First Interstate BancSystem during the second quarter worth about $106,000. Finally, nVerses Capital LLC lifted its position in First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after buying an additional 3,300 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.