First Interstate BancSystem (NASDAQ:FIBK) Stock Moved Up to Hold by Benchmark

First Interstate BancSystem (NASDAQ:FIBK) was upgraded by research analysts at Benchmark to a “hold” rating in a research report issued on Wednesday, Zacks reports.

A number of other brokerages have also issued reports on FIBK. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $38.00 to $37.00 in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. DA Davidson reiterated a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Finally, Wells Fargo & Company reiterated an “underweight” rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. 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. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $36.83.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $36.51 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a twelve month low of $29.10 and a twelve month high of $40.60. The business has a 50-day moving average price of $37.66 and a 200-day moving average price of $36.24. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 11.23 and a beta of 0.75.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. During the same quarter last year, the company earned $0.69 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts predict that First Interstate BancSystem will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 2,700 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the sale, the insider owned 484,309 shares of the company’s stock, valued at $18,229,390.76. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan Scott sold 8,071 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $37.29, for a total transaction of $300,967.59. Following the transaction, the insider owned 817,738 shares of the company’s stock, valued at $30,493,450.02. This trade represents a 0.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 27,700 shares of company stock worth $1,029,476 in the last 90 days. 8.00% of the stock is currently owned by company insiders.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its position in First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after buying an additional 315 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in First Interstate BancSystem during the 2nd quarter valued at approximately $26,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of First Interstate BancSystem in the 4th quarter valued at $25,000. McIlrath & Eck LLC boosted its holdings in shares of First Interstate BancSystem by 17.2% in the 1st quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 1,461 shares during the last quarter. Finally, Allworth Financial LP acquired a new stake in shares of First Interstate BancSystem in the second quarter worth $62,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

About First Interstate BancSystem

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, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.