Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price36.02 USD
Fair value37.52
Ethical score30.0/100
Our investment reviews on this name
2026-08-29Read Markdown38.46-6.3% to today ✓
2026-07-02Read Accumulation37.11-2.9% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
First Interstate BancSystem, Inc. holds its Markdown at $36.02. The statistical read favours the sellers, held for 279 days.
As held on the ledger · 2026-09-23
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 279 days
Price at the screen
$36.02
Valuation
11.26 trailing · 12.64 forward price to earnings
Values screen
FAIL· score 30.0
Beta
0.73
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: bank
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: bank
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
First Interstate BancSystem, does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-08. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-23 screen. The gold marker is the market price at the same screen. A 4.2% margin of safety to the base estimate.
Third-party analyst targets: 8 covering, consensus Hold. The average target sits +4% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Regional Banks Fail The Ethical Screen First
A family in Montana opens a checking account expecting steady service and local support, yet the operation adds little beyond standard deposits and loans that any other lender could provide.
We pass on this name because it fails the ethical screen outright as a bank. Shares also trade above fair value with revenue growth at just 4 percent, return on equity of 9 percent and a forward multiple of 13.2 times that offers no margin of safety.
The modest profit margin of 30 percent looks stable until credit cycles tighten and regional exposure bites. Analysts rate it a hold with a median target below the current price. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FIBK trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown$36.02-6.3%Entry 6
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (8 analysts) rates it hold, with a mean price target of $37. Insiders have been net sellers over the past quarter.
2026-08-29Markdown · changed$38.46-1.8%Entry 5
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (8 analysts) rates it hold, with a mean price target of $37.
2026-07-28Accumulation$39.18+5.6%Entry 4
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (8 analysts) rates it hold, with a mean price target of $37.
2026-07-18Accumulation$37.11+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (8 analysts) rates it hold, with a mean price target of $37.
2026-07-03Accumulation$37.11+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Accumulation$37.11Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
