BidaskClub Downgrades First Interstate Bancsystem (NASDAQ:FIBK) to Strong Sell

First Interstate Bancsystem (NASDAQ:FIBK) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Tuesday, BidAskClub reports.

Other research analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research report on Tuesday, December 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $44.00.

Shares of FIBK stock traded up $0.43 during trading on Tuesday, reaching $40.86. The company’s stock had a trading volume of 1,463 shares, compared to its average volume of 148,434. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 1.66 and a beta of 1.17. The stock’s 50-day moving average price is $41.82 and its 200 day moving average price is $40.64. First Interstate Bancsystem has a 1-year low of $36.57 and a 1-year high of $43.83.

First Interstate Bancsystem (NASDAQ:FIBK) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.03). First Interstate Bancsystem had a net margin of 24.33% and a return on equity of 10.21%. The business had revenue of $166.30 million during the quarter, compared to analyst estimates of $167.38 million. On average, sell-side analysts anticipate that First Interstate Bancsystem will post 3.05 EPS for the current fiscal year.

In related news, CEO Kevin P. Riley purchased 1,300 shares of the stock in a transaction dated Monday, November 25th. The shares were acquired at an average cost of $42.09 per share, with a total value of $54,717.00. Following the purchase, the chief executive officer now directly owns 21,930 shares in the company, valued at approximately $923,033.70. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ross E. Leckie sold 1,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $42.95, for a total transaction of $42,950.00. Following the transaction, the director now directly owns 13,927 shares in the company, valued at $598,164.65. The disclosure for this sale can be found here. Insiders sold a total of 5,894 shares of company stock worth $255,378 over the last three months. 24.93% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sciencast Management LP acquired a new stake in First Interstate Bancsystem in the 4th quarter valued at about $303,000. Resources Management Corp CT ADV acquired a new stake in First Interstate Bancsystem in the 3rd quarter valued at about $543,000. Metropolitan Life Insurance Co NY grew its stake in First Interstate Bancsystem by 13.6% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 12,255 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 1,465 shares during the last quarter. Millennium Management LLC acquired a new stake in First Interstate Bancsystem in the 3rd quarter valued at about $379,000. Finally, Barclays PLC grew its stake in First Interstate Bancsystem by 115.5% in the 3rd quarter. Barclays PLC now owns 53,712 shares of the financial services provider’s stock valued at $2,161,000 after acquiring an additional 28,785 shares during the last quarter. 49.61% of the stock is currently owned by hedge funds and other institutional investors.

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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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