First Interstate BancSystem (NASDAQ:FIBK) Downgraded to “Neutral” Rating by DA Davidson

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by equities research analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They currently have a $39.00 target price on the financial services provider’s stock. DA Davidson’s price objective would indicate a potential upside of 7.94% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Barclays decreased their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Friday, January 30th. Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Stephens cut shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Tuesday, May 19th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $37.00.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $36.13 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 11.77 and a beta of 0.77. First Interstate BancSystem has a 1-year low of $25.81 and a 1-year high of $39.26. The firm’s 50-day moving average price is $34.28 and its two-hundred day moving average price is $34.88.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the prior year, the firm earned $0.49 earnings per share. On average, equities analysts predict that First Interstate BancSystem will post 2.66 earnings per share for the current fiscal year.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently modified their holdings of the stock. Eurizon Capital SGR S.p.A. bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $25,000. Kestra Advisory Services LLC bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $29,000. First Horizon Corp grew its stake in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 49.6% during the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 516 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

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.