StockNews.com Upgrades First Interstate BancSystem (NASDAQ:FIBK) to Hold
On November 30th, 2024, analysts at StockNews.com upgraded First Interstate BancSystem (NASDAQ:FIBK) from a 'sell' rating to a 'hold' rating, as noted in their latest report.
Several other reports have also emerged concerning FIBK. On October 31st, Barclays revised their assessment of First Interstate BancSystem, moving it from an 'equal weight' rating to an 'underweight' rating. Additionally, they lowered their price target for the stock from $32.00 to $30.00. Earlier, on October 1st, Wells Fargo & Company made a similar downgrade, also shifting from an 'equal weight' rating to 'underweight' and reducing their price target from $30.00 to $28.00.
Further evaluations were provided by Piper Sandler, who adjusted their price target from $38.00 to $36.00 while maintaining an 'overweight' rating, as reported on October 28th. Similarly, Stephens reaffirmed an 'overweight' rating and set a target price of $36.00 on October 10th. DA Davidson, however, upgraded shares from 'neutral' to 'buy' and increased their target price from $32.00 to $42.00 in a report filed on Tuesday.
In summary, the investment community reflects a mixed sentiment on the stock, with two analysts rating it as a sell, two as hold, and three as buy. According to MarketBeat data, FIBK has an average rating of 'Hold' with a consensus price target of $33.83.
First Interstate BancSystem Stock Performance
As of Thursday, FIBK shares opened at $34.97. The company maintains a debt-to-equity ratio of 0.71, alongside quick and current ratios both at 0.78. Over the past fifty-two weeks, the stock has seen a low of $24.16 and a high of $36.77. Currently, it demonstrates a 50-day simple moving average of $31.93 and a 200-day simple moving average of $29.77. With a market capitalization of approximately $3.66 billion, FIBK has a price-to-earnings (PE) ratio of 15.34 and a beta of 0.81.
FIBK's recent quarterly earnings report was released on October 24th, showing earnings per share (EPS) of $0.54, which fell short of the consensus estimate of $0.58 by $0.04. The company registered a return on equity of 7.48% and a net margin of 15.94%. The previous year, the firm reported an EPS of $0.70 during the same quarter. Analysts project that First Interstate BancSystem will report an EPS of 2.28 for the current fiscal year.
Insider Buying and Selling at First Interstate BancSystem
Recently, insider transactions have occurred at First Interstate BancSystem. Major shareholder James R. Scott, Jr. sold 6,067 shares on November 22nd at an average price of $34.50, accumulating a total of approximately $209,311.50 from the sale. Post-transaction, he owns 75,387 shares valued around $2.6 million, marking a 7.45% decrease in his holdings. Director Jonathan R. Scott also sold 6,500 shares on November 13th at an average price of $34.18, totaling $222,170.00. This sale reduced his ownership by 0.67%, currently holding 958,710 shares worth roughly $32.77 million. Over the last 90 days, insiders have sold 54,837 shares valued at $1.84 million, with insiders owning 6.90% of the stock.
Hedge Funds Weigh In On First Interstate BancSystem
A variety of hedge funds have recently taken positions in First Interstate BancSystem. Point72 DIFC Ltd made a new investment in the third quarter worth roughly $34,000, while Point72 Asia Singapore Pte. Ltd. also acquired a new stake valued at approximately $69,000 in the same period. CWM LLC increased its holdings by 16.0%, now owning 3,123 shares worth $87,000 after acquiring an additional 430 shares. Innealta Capital LLC also established a new position worth roughly $106,000 during the second quarter. Lastly, nVerses Capital LLC expanded its stake by 412.5%, holding 4,100 shares worked out to $114,000. Collectively, hedge funds and other institutional investors control about 88.71% of FIBK stock.
About First Interstate BancSystem
First Interstate BancSystem, Inc is the bank holding company for First Interstate Bank, offering a wide range of banking products and services throughout the United States. Their offerings include traditional banking products such as checking, savings, and time deposits, along with repurchase agreements primarily aimed at commercial and municipal depositors.
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