First Interstate BancSystem (NASDAQ:FIBK) Stock Rating Lowered by Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a report issued on Tuesday, Marketbeat reports. They currently have a $28.00 target price on the financial services provider’s stock, down from their prior target price of $30.00. Wells Fargo & Company‘s price target indicates a potential downside of 4.86% from the company’s current price.

FIBK has been the subject of a number of other reports. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. DA Davidson upped their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Stephens upped their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday, September 20th. Finally, Piper Sandler restated an “overweight” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $33.17.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $29.43 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $29.94 and its two-hundred day moving average is $28.06. The company has a market cap of $3.08 billion, a P/E ratio of 11.73 and a beta of 0.82. First Interstate BancSystem has a 12 month low of $20.81 and a 12 month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The company had revenue of $244.30 million for the quarter, compared to the consensus estimate of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same period in the previous year, the business posted $0.66 EPS. On average, equities analysts expect that First Interstate BancSystem will post 2.34 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC grew its holdings in shares of First Interstate BancSystem by 205.3% during the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 856 shares during the last quarter. CWM LLC grew its holdings in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of First Interstate BancSystem during the second quarter worth $106,000. Finally, nVerses Capital LLC grew its holdings in shares of First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

About First Interstate BancSystem

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.