Dark Forest Capital Management LP Sells 42,116 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Dark Forest Capital Management LP lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 51.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 40,295 shares of the financial services provider's stock after selling 42,116 shares during the period. Dark Forest Capital Management LP's holdings in First Interstate BancSystem were worth $1,308,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. FMR LLC lifted its position in shares of First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after purchasing an additional 1,778,269 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of First Interstate BancSystem by 88.3% during the 4th quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock worth $78,760,000 after buying an additional 1,137,401 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of First Interstate BancSystem by 309.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after acquiring an additional 960,372 shares in the last quarter. Norges Bank bought a new stake in First Interstate BancSystem during the fourth quarter worth $24,137,000. Finally, Jennison Associates LLC raised its stake in shares of First Interstate BancSystem by 73.9% during the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after purchasing an additional 654,688 shares during the period. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Trading Down 0.6 %

First Interstate BancSystem stock traded down $0.16 during mid-day trading on Monday, reaching $27.85. 148,501 shares of the company traded hands, compared to its average volume of 633,838. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The firm's 50 day moving average price is $28.01 and its 200 day moving average price is $31.11. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.71 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Monday, February 10th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.88 annualized dividend and a yield of 6.75%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.84%.

Insider Activity at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now owns 1,414,886 shares of the company's stock, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 8.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FIBK. Stephens decreased their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a research note on Friday, January 31st. Wells Fargo & Company dropped their price target on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 9th. Barclays cut their price target on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. DA Davidson reissued a "buy" rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Finally, Piper Sandler decreased their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $35.00.

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