First Interstate Bancsystem (FIBK) Earns Outperform Rating from Analysts at Robert W. Baird

Robert W. Baird began coverage on shares of First Interstate Bancsystem (NASDAQ:FIBK) in a research note released on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $52.00 target price on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. Zacks Investment Research cut First Interstate Bancsystem from a hold rating to a sell rating in a research report on Tuesday, June 26th. BidaskClub cut First Interstate Bancsystem from a strong-buy rating to a buy rating in a research report on Saturday, June 30th. Barclays reaffirmed a buy rating and issued a $48.00 price objective on shares of First Interstate Bancsystem in a research report on Sunday, July 29th. Finally, DA Davidson raised their price objective on First Interstate Bancsystem from $47.00 to $50.00 and gave the company a neutral rating in a research report on Friday, October 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $48.33.

FIBK stock traded up $0.04 during mid-day trading on Tuesday, reaching $43.24. The company had a trading volume of 8,405 shares, compared to its average volume of 305,821. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.50 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 1.65 and a beta of 1.10. First Interstate Bancsystem has a 52 week low of $36.00 and a 52 week high of $47.05.

First Interstate Bancsystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.74 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.74. The firm had revenue of $141.40 million during the quarter, compared to the consensus estimate of $139.12 million. First Interstate Bancsystem had a return on equity of 10.35% and a net margin of 23.86%. On average, equities research analysts anticipate that First Interstate Bancsystem will post 2.97 EPS for the current fiscal year.

In related news, Director Ross E. Leckie sold 4,000 shares of First Interstate Bancsystem stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $45.91, for a total transaction of $183,640.00. Following the completion of the sale, the director now directly owns 17,599 shares of the company’s stock, valued at approximately $807,970.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John M. Heyneman, Jr. sold 1,000 shares of First Interstate Bancsystem stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $41.87, for a total value of $41,870.00. Following the sale, the director now directly owns 3,621 shares of the company’s stock, valued at $151,611.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,000 shares of company stock valued at $300,210. 40.23% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its holdings in First Interstate Bancsystem by 17.5% in the 2nd quarter. Millennium Management LLC now owns 1,087,515 shares of the financial services provider’s stock valued at $45,893,000 after acquiring an additional 161,679 shares in the last quarter. Martingale Asset Management L P increased its stake in shares of First Interstate Bancsystem by 121.2% in the 2nd quarter. Martingale Asset Management L P now owns 17,701 shares of the financial services provider’s stock valued at $747,000 after purchasing an additional 9,700 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of First Interstate Bancsystem by 31.8% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 10,790 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 2,605 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of First Interstate Bancsystem by 42.1% in the 2nd quarter. Wells Fargo & Company MN now owns 243,814 shares of the financial services provider’s stock valued at $10,288,000 after purchasing an additional 72,228 shares during the last quarter. Finally, Federated Investors Inc. PA increased its stake in shares of First Interstate Bancsystem by 40.5% in the 2nd quarter. Federated Investors Inc. PA now owns 290,308 shares of the financial services provider’s stock valued at $12,251,000 after purchasing an additional 83,621 shares during the last quarter. 49.96% 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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Analyst Recommendations for First Interstate Bancsystem (NASDAQ:FIBK)

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