UBS Group Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Sell

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by stock analysts at UBS Group from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. They currently have a $35.00 price target on the financial services provider’s stock. UBS Group’s target price points to a potential upside of 3.40% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. DA Davidson reissued a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Stephens cut First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Keefe, Bruyette & Woods boosted their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Barclays lowered their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Friday, January 30th. Finally, Weiss Ratings raised First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and a consensus price target of $38.17.

First Interstate BancSystem Trading Up 1.1%

NASDAQ:FIBK opened at $33.85 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. First Interstate BancSystem has a fifty-two week low of $22.95 and a fifty-two week high of $39.26. The stock’s 50-day moving average is $35.27 and its two-hundred day moving average is $34.15. The stock has a market cap of $3.42 billion, a PE ratio of 11.47 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $256.89 million. During the same quarter in the previous year, the business posted $0.50 EPS. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, equities research analysts forecast that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. AQR Capital Management LLC lifted its holdings in First Interstate BancSystem by 37.2% in the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock worth $1,926,000 after purchasing an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock worth $1,353,000 after purchasing an additional 2,070 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in First Interstate BancSystem in the 1st quarter worth approximately $238,000. Jones Financial Companies Lllp lifted its holdings in First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after purchasing an additional 24,596 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in First Interstate BancSystem in the 1st quarter worth approximately $5,125,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.