Ameriprise Financial Inc. Boosts Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Ameriprise Financial Inc. lifted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 39.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,928 shares of the financial services provider's stock after purchasing an additional 17,879 shares during the quarter. Ameriprise Financial Inc. owned 0.06% of First Interstate BancSystem worth $2,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in shares of First Interstate BancSystem in the 4th quarter worth about $69,000. Covestor Ltd raised its position in shares of First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after purchasing an additional 510 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,231 shares during the last quarter. KBC Group NV raised its position in shares of First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock worth $130,000 after purchasing an additional 1,022 shares during the last quarter. Finally, Cibc World Markets Corp purchased a new position in First Interstate BancSystem in the 4th quarter worth about $241,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK traded up $0.42 during mid-day trading on Tuesday, reaching $27.17. 1,030,086 shares of the company traded hands, compared to its average volume of 683,432. The company's 50 day moving average price is $26.71 and its 200-day moving average price is $30.20. The firm has a market cap of $2.85 billion, a PE ratio of 12.41 and a beta of 0.76. 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.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. The company had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. During the same quarter last year, the firm posted $0.57 earnings per share. The company's revenue was up 2.0% compared to the same quarter last year. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.92%. First Interstate BancSystem's dividend payout ratio is presently 89.10%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FIBK. Piper Sandler decreased their target price on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. 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 research note on Tuesday, April 8th. Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, Wells Fargo & Company cut their price target on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus 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.