First Interstate BancSystem, Inc. (NASDAQ:FIBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, November 1st. The firm currently has a $44.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 20.22% from the company’s current price.
According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “
A number of other brokerages also recently issued reports on FIBK. BidaskClub downgraded First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. ValuEngine downgraded First Interstate BancSystem from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Barclays PLC set a $43.00 price target on First Interstate BancSystem and gave the stock a “buy” rating in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $43.25.
Shares of First Interstate BancSystem (NASDAQ:FIBK) opened at $36.60 on Wednesday. First Interstate BancSystem has a one year low of $33.33 and a one year high of $45.35. The firm has a market capitalization of $2,065.85, a price-to-earnings ratio of 15.84, a PEG ratio of 1.73 and a beta of 1.19. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.08.
TRADEMARK VIOLATION NOTICE: “First Interstate BancSystem, Inc. (FIBK) Rating Increased to Buy at Zacks Investment Research” was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this piece on another website, it was copied illegally and reposted in violation of U.S. and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2017/11/12/zacks-investment-research-upgrades-first-interstate-bancsystem-inc-fibk-to-buy.html.
In other First Interstate BancSystem news, Director Ross E. Leckie sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.85, for a total transaction of $58,275.00. Following the transaction, the director now owns 23,028 shares in the company, valued at approximately $894,637.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 2,822 shares of company stock valued at $104,709. 38.22% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. SG Americas Securities LLC acquired a new stake in shares of First Interstate BancSystem in the 3rd quarter worth approximately $105,000. BNP Paribas Arbitrage SA grew its holdings in shares of First Interstate BancSystem by 622.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,970 shares of the financial services provider’s stock worth $110,000 after acquiring an additional 2,559 shares during the period. Quantbot Technologies LP grew its holdings in shares of First Interstate BancSystem by 955.6% in the 2nd quarter. Quantbot Technologies LP now owns 3,019 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 2,733 shares during the period. Brandywine Global Investment Management LLC acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter worth approximately $142,000. Finally, Victory Capital Management Inc. grew its holdings in shares of First Interstate BancSystem by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,531 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 680 shares during the period. Institutional investors and hedge funds own 44.92% of the company’s stock.
About First Interstate BancSystem
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
Get a free copy of the Zacks research report on First Interstate BancSystem (FIBK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Interstate BancSystem Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate BancSystem Inc. and related companies with MarketBeat.com's FREE daily email newsletter.