Davidson Investment Advisors Buys 77,692 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Davidson Investment Advisors boosted its stake in First Interstate BancSystem by 19.2%, acquiring 77,692 shares to hold 481,538 shares (about 0.47% of the company) valued at roughly $16.66 million.
• First Interstate reported $1.08 EPS for the quarter (beating estimates) with revenue up 19.8% YoY but below consensus, pays a quarterly $0.47 dividend (annual yield ~5.4%), and has an analyst consensus rating of Hold with a $38 target.

Davidson Investment Advisors increased its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 19.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 481,538 shares of the financial services provider's stock after acquiring an additional 77,692 shares during the period. Davidson Investment Advisors owned about 0.47% of First Interstate BancSystem worth $16,661,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of FIBK. AQR Capital Management LLC lifted its stake in shares of First Interstate BancSystem by 37.2% in the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock valued at $1,926,000 after acquiring an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock valued at $1,353,000 after acquiring an additional 2,070 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of First Interstate BancSystem in the 1st quarter valued at about $238,000. Jones Financial Companies Lllp lifted its stake in shares of First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock valued at $708,000 after acquiring an additional 24,596 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of First Interstate BancSystem in the 1st quarter valued at about $5,125,000. Institutional investors own 88.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FIBK shares. DA Davidson reissued a "buy" rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Barclays reduced their price target on First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating on the stock in a report on Friday, January 30th. Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Keefe, Bruyette & Woods reduced their price target on First Interstate BancSystem from $39.00 to $38.00 and set an "outperform" rating on the stock in a report on Thursday, April 9th. Finally, Wells Fargo & Company boosted their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 30th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $38.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $34.62 on Monday. First Interstate BancSystem, Inc. has a 1 year low of $24.76 and a 1 year high of $39.26. The company has a market cap of $3.50 billion, a PE ratio of 11.74 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. The stock's 50-day moving average is $34.72 and its 200 day moving average is $34.24.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. During the same quarter in the previous year, the business earned $0.50 EPS. First Interstate BancSystem's revenue was up 19.8% compared to the same quarter last year. Sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 5.4%. First Interstate BancSystem's dividend payout ratio is currently 63.73%.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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