Zacks Investment Research lowered shares of First Interstate Bancsystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research report report published on Friday.
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 equities analysts also recently issued reports on the company. BidaskClub downgraded First Interstate Bancsystem from a buy rating to a hold rating in a research note on Thursday, September 13th. Barclays reiterated a buy rating and set a $48.00 price target on shares of First Interstate Bancsystem in a research note on Sunday, July 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $47.60.
FIBK stock traded down $1.42 during mid-day trading on Friday, reaching $43.20. 553,788 shares of the company traded hands, compared to its average volume of 187,255. The company has a market capitalization of $2.54 billion, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 1.67 and a beta of 1.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.79 and a current ratio of 0.79. First Interstate Bancsystem has a fifty-two week low of $36.00 and a fifty-two week high of $47.05.
First Interstate Bancsystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. The business had revenue of $141.40 million during the quarter, compared to the consensus estimate of $139.12 million. First Interstate Bancsystem had a return on equity of 10.35% and a net margin of 23.86%. As a group, sell-side analysts forecast that First Interstate Bancsystem will post 2.99 earnings per share for the current fiscal year.
In related news, Director Ross E. Leckie sold 4,000 shares of First Interstate Bancsystem stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $45.91, for a total value of $183,640.00. Following the sale, the director now owns 17,599 shares of the company’s stock, valued at approximately $807,970.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John M. Heyneman, Jr. sold 1,000 shares of First Interstate Bancsystem stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $41.87, for a total transaction of $41,870.00. Following the completion of the sale, the director now directly owns 3,621 shares in the company, valued at approximately $151,611.27. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $300,210 in the last ninety days. 40.23% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its stake in First Interstate Bancsystem by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 10,521 shares of the financial services provider’s stock valued at $444,000 after buying an additional 1,445 shares in the last quarter. Barclays PLC grew its stake in First Interstate Bancsystem by 25.7% in the 1st quarter. Barclays PLC now owns 8,678 shares of the financial services provider’s stock valued at $344,000 after buying an additional 1,777 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in First Interstate Bancsystem by 68.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,507 shares of the financial services provider’s stock valued at $178,000 after buying an additional 1,829 shares in the last quarter. Suntrust Banks Inc. grew its stake in First Interstate Bancsystem by 4.9% in the 1st quarter. Suntrust Banks Inc. now owns 47,379 shares of the financial services provider’s stock valued at $1,873,000 after buying an additional 2,200 shares in the last quarter. Finally, Xact Kapitalforvaltning AB grew its stake in First Interstate Bancsystem by 40.5% in the 1st quarter. Xact Kapitalforvaltning AB now owns 7,630 shares of the financial services provider’s stock valued at $302,000 after buying an additional 2,200 shares in the last quarter. 49.94% of the stock is currently owned by institutional investors.
First Interstate Bancsystem Company Profile
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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
Recommended Story: How to use beta for portfolio diversification
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate Bancsystem and related companies with MarketBeat.com's FREE daily email newsletter.