First Interstate BancSystem (NASDAQ:FIBK) Stock Gets Downgrade from Wall Street Zen

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on FIBK. DA Davidson reissued a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Barclays boosted their target price on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a report on Monday, October 5th. Weiss Ratings reissued a “buy (b)” rating on shares of First Interstate BancSystem in a research note on Monday, September 28th. Finally, Benchmark raised shares of First Interstate BancSystem to a “hold” rating in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $37.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $36.78 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average of $36.50 and a two-hundred day moving average of $36.57. The stock has a market cap of $3.51 billion, a P/E ratio of 11.46 and a beta of 0.73. First Interstate BancSystem has a 52-week low of $29.39 and a 52-week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). First Interstate BancSystem had a return on equity of 9.49% and a net margin of 29.18%. The company had revenue of $249.50 million during the quarter, compared to analyst estimates of $247.93 million. On average, research analysts expect that First Interstate BancSystem will post 2.88 earnings per share for the current year.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the transaction, the insider owned 484,309 shares of the company’s stock, valued at $18,229,390.76. This trade represents a 0.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Jonathan Scott sold 16,929 shares of the business’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the completion of the transaction, the insider owned 825,809 shares of the company’s stock, valued at approximately $30,579,707.27. This trade represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,700 shares of company stock valued at $1,213,976 in the last three months. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System purchased a new stake in First Interstate BancSystem during the 1st quarter worth about $1,303,000. Hsbc Holdings PLC acquired a new stake in First Interstate BancSystem in the 4th quarter valued at about $2,127,000. The Manufacturers Life Insurance Company acquired a new stake in First Interstate BancSystem in the 2nd quarter valued at about $1,776,000. Rice Hall James & Associates LLC acquired a new stake in First Interstate BancSystem in the 2nd quarter valued at about $3,853,000. Finally, BlackRock Inc. purchased a new position in shares of First Interstate BancSystem in the 2nd quarter valued at about $529,533,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

More First Interstate BancSystem News

Here are the key news stories impacting First Interstate BancSystem this week:

• Positive Sentiment: First Interstate declared a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a yield of approximately 5.2%. The dividend supports the stock’s income appeal. First Interstate dividend information
• Positive Sentiment: Third-quarter revenue totaled $249.5 million, slightly exceeding analyst expectations of $247.93 million. Net interest margin also improved to 3.53%, a potentially encouraging sign for future earnings if sustained. First Interstate third-quarter earnings release
• Neutral Sentiment: Major shareholder Jonathan Scott sold 5,000 shares for approximately $184,500. The sale reduced his holdings by only 0.61%, leaving him with 812,738 shares, so the transaction is relatively small compared with his remaining stake. SEC insider ownership filing
• Negative Sentiment: FIBK reported third-quarter earnings of $0.65 per diluted share, missing consensus estimates, which ranged from roughly $0.70 to $0.92 depending on the data provider. Net income fell to $62.2 million from $71.4 million a year earlier, while earnings declined to $0.65 from $0.69 per share. First Interstate earnings flash
• Negative Sentiment: Investors remain concerned about weak core earnings growth, a contracting loan portfolio and a declining asset base. These trends suggest that improved margins have not yet translated into stronger overall operating performance relative to regional-bank peers. First Interstate Q3 analysis

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.