First Interstate Bank Increases Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

First Interstate Bank lifted its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 14.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 makes up about 8.6% of First Interstate Bank's investment portfolio, making the stock its 2nd largest holding. First Interstate Bank owned about 4.83% of First Interstate BancSystem worth $144,778,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC acquired a new stake in First Interstate BancSystem in the fourth quarter worth approximately $26,000. JNBA Financial Advisors bought a new position in shares of First Interstate BancSystem in the first quarter valued at $29,000. Meeder Asset Management Inc. bought a new position in shares of First Interstate BancSystem in the fourth quarter valued at $69,000. Covestor Ltd increased its holdings in shares of First Interstate BancSystem by 25.8% in the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after buying an additional 510 shares in the last quarter. Finally, Sterling Capital Management LLC raised its stake in First Interstate BancSystem by 826.3% during the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 2,231 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price on the stock in a research note on Monday, June 23rd. 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 upped their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday. Finally, Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $28.00 to $32.00 in a report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Stock Performance

FIBK stock traded down $0.34 during mid-day trading on Friday, reaching $31.04. 594,195 shares of the stock traded hands, compared to its average volume of 724,275. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $36.77. The business has a 50-day moving average of $27.92 and a two-hundred day moving average of $29.15. The firm has a market capitalization of $3.26 billion, a PE ratio of 14.71 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results 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 14.93% and a return on equity of 6.57%. The firm 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 company earned $0.57 earnings per share. The firm's revenue was up 2.0% on a year-over-year basis. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS 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 given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.06%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

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.