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

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

A number of other analysts have also issued reports on FIBK. Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Barclays lifted their target price on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. DA Davidson increased their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $28.00 in a research note on Tuesday. Finally, Stephens upped their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $33.17.

First Interstate BancSystem Stock Performance

FIBK opened at $29.43 on Thursday. The firm’s fifty day simple moving average is $29.98 and its two-hundred day simple moving average is $28.05. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 11.73 and a beta of 0.82. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92.

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

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of First Interstate BancSystem by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock valued at $282,303,000 after purchasing an additional 533,293 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after buying an additional 367,212 shares during the period. Wellington Management Group LLP boosted its stake in First Interstate BancSystem by 5.0% during the fourth quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after buying an additional 142,069 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of First Interstate BancSystem by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after acquiring an additional 32,348 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of First Interstate BancSystem by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock valued at $24,648,000 after acquiring an additional 11,493 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.