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

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

Several other brokerages also recently issued reports on FIBK. Zacks Investment Research raised shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research report on Tuesday, December 31st. ValuEngine raised shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. First Interstate Bancsystem has a consensus rating of “Hold” and a consensus target price of $44.00.

NASDAQ:FIBK traded up $0.43 during trading hours on Tuesday, hitting $40.86. The stock had a trading volume of 1,463 shares, compared to its average volume of 148,434. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.05. First Interstate Bancsystem has a 1-year low of $36.57 and a 1-year high of $43.83. The business has a 50 day simple moving average of $41.82 and a two-hundred day simple moving average of $40.64. The company has a market cap of $2.66 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.66 and a beta of 1.17.

First Interstate Bancsystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $166.30 million during the quarter, compared to analyst estimates of $167.38 million. Research analysts expect that First Interstate Bancsystem will post 3.05 EPS for the current fiscal year.

In other news, Director Ross E. Leckie sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $42.95, for a total transaction of $42,950.00. Following the completion of the sale, the director now owns 13,927 shares of the company’s stock, valued at $598,164.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Homer A. Scott, Jr. sold 628 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $42.40, for a total transaction of $26,627.20. The disclosure for this sale can be found here. Insiders sold 5,894 shares of company stock valued at $255,378 in the last ninety days. 24.93% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of First Interstate Bancsystem by 10.5% during the second quarter. Vanguard Group Inc. now owns 3,570,278 shares of the financial services provider’s stock worth $141,419,000 after buying an additional 340,132 shares in the last quarter. BlackRock Inc. grew its position in shares of First Interstate Bancsystem by 10.1% during the second quarter. BlackRock Inc. now owns 2,732,811 shares of the financial services provider’s stock worth $108,247,000 after buying an additional 251,633 shares in the last quarter. Schroder Investment Management Group grew its position in shares of First Interstate Bancsystem by 48.0% during the second quarter. Schroder Investment Management Group now owns 677,495 shares of the financial services provider’s stock worth $26,836,000 after buying an additional 219,802 shares in the last quarter. Citadel Advisors LLC grew its position in shares of First Interstate Bancsystem by 0.7% during the second quarter. Citadel Advisors LLC now owns 652,767 shares of the financial services provider’s stock worth $25,856,000 after buying an additional 4,838 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of First Interstate Bancsystem by 3.1% during the second quarter. Northern Trust Corp now owns 592,075 shares of the financial services provider’s stock worth $23,451,000 after buying an additional 18,019 shares in the last quarter. 49.61% of the stock is owned by institutional investors and hedge funds.

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.

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