First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Bought by First Interstate Bank

First Interstate Bank raised its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 14.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,053,342 shares of the financial services provider's stock after buying an additional 624,268 shares during the period. First Interstate BancSystem comprises 8.6% of First Interstate Bank's investment portfolio, making the stock its 2nd biggest position. First Interstate Bank owned approximately 4.83% of First Interstate BancSystem worth $144,778,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FIBK. Wood Tarver Financial Group LLC purchased a new stake in shares of First Interstate BancSystem during the fourth quarter worth about $26,000. JNBA Financial Advisors purchased a new stake in shares of First Interstate BancSystem during the first quarter worth about $29,000. Meeder Asset Management Inc. purchased a new stake in shares of First Interstate BancSystem during the fourth quarter worth about $69,000. Covestor Ltd increased its stake in shares of First Interstate BancSystem by 25.8% during the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after purchasing an additional 510 shares in the last quarter. Finally, Sterling Capital Management LLC increased its stake in shares of First Interstate BancSystem by 826.3% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Trading Up 0.3%

NASDAQ:FIBK traded up $0.08 on Wednesday, hitting $31.03. The stock had a trading volume of 22,930 shares, compared to its average volume of 721,071. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 14.74 and a beta of 0.79. The company has a fifty day moving average price of $27.59 and a two-hundred day moving average price of $29.17. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The company had revenue of $42.00 million during the quarter, compared to analyst estimates of $253.50 million. During the same quarter in the prior year, the company posted $0.57 earnings per share. The business's revenue was up 2.0% compared to the same quarter last year. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were issued a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 annualized dividend and a dividend yield of 6.06%. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

Analyst Ratings Changes

A number of analysts have recently commented on FIBK shares. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Wells Fargo & Company lowered 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 report on Wednesday, April 9th. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $28.00 to $32.00 in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a research report on Monday, June 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem has an average rating of "Hold" and a consensus price target of $35.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.