Zacks Investment Research downgrades first Interstate BancSystem (NASDAQ:FIBK) to hold
According to Zacks, “First Interstate BancSystem, Inc. is a financial and banking holding company. Through its wholly owned subsidiary, First Interstate Bank, it offers a range of banking products and services to individuals, businesses, municipalities and other entities across its market areas. The Company’s banking products and services include demand, term, 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.real estate loans include commercial real estate, construction, residential, agricultural and other loans.It also provides a range of fiduciary services , benefits, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofits First Interstate B ancSystem, Inc. is headquartered in Billings, Montana. “
Separately, Wells Fargo & Company cut its price target on First Interstate BancSystem from $47.00 to $45.00 and set an “overweight” rating for the company in a Tuesday, Jan. 4 research report.
FIBK Stock traded down $0.51 on Friday, hitting $36.71. The company’s stock had a trading volume of 1,023,238 shares, compared to an average trading volume of 1,059,731 shares. First Interstate BancSystem has a 52 week low of $36.01 and a 52 week high of $51.24. The company has a market capitalization of $2.28 billion, a P/E ratio of 11.80 and a beta of 1.12. The company has a fifty-day moving average of $40.58 and a two-hundred-day moving average of $41.78. The company has a debt ratio of 0.10, a current ratio of 0.69 and a quick ratio of 0.69.
First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly results on Thursday, January 27. The financial services provider reported earnings per share (EPS) of $0.83 for the quarter, beating consensus analyst estimates of $0.72 by $0.11. The company posted revenue of $159.20 million in the quarter, versus analyst estimates of $161.03 million. First Interstate BancSystem had a return on equity of 10.10% and a net margin of 28.45%. The company’s quarterly revenue fell 1.9% year over year. During the same period last year, the company posted EPS of $0.76. As a group, equity analysts expect First Interstate BancSystem to post EPS of 2.61 for the current fiscal year.
In other news, CEO Kevin P. Riley acquired 2,880 shares of the company in a transaction that took place on Monday, December 13. The shares were acquired at an average cost of $39.39 per share, for a total transaction of $113,443.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at this link. Additionally, director Ross E. Leckie acquired 1,000 shares of the company in a transaction that took place on Wednesday, February 2. The shares were purchased at an average price of $36.79 per share, with a total value of $36,790.00. Disclosure of this purchase can be found here. During the last quarter, insiders purchased 4,880 shares of the company worth $192,148. 21.99% of the shares are held by company insiders.
A number of institutional investors have recently bought and sold shares of FIBK. FourThought Financial LLC increased its position in shares of First Interstate BancSystem by 990.4% in the third quarter. FourThought Financial LLC now owns 796 shares of the financial services provider valued at $32,000 after purchasing an additional 723 shares in the last quarter. FORA Capital LLC acquired a new equity stake in First Interstate BancSystem in the second quarter worth approximately $51,000. Point72 Hong Kong Ltd acquired a new stake in shares of First Interstate BancSystem in the third quarter, valued at approximately $74,000. Amalgamated Bank acquired a new equity stake in First Interstate BancSystem in the second quarter worth approximately $241,000. Finally, Man Group plc acquired a new equity stake in First Interstate BancSystem in the second quarter valued at approximately $243,000. 57.33% of the shares are currently held by hedge funds and other institutional investors.
About First Interstate BancSystem
First Interstate BancSystem, Inc. is a financial holding company that provides community banking solutions. The company offers banking services to individuals, businesses, municipalities and other entities. It also provides internet, mobile and other banking and financial services.
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