First Interstate Bank Purchases 624,268 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

First Interstate Bank grew its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 14.1% in the 1st quarter, according to its most recent disclosure with the Securities & 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 quarter. First Interstate BancSystem accounts for about 8.6% of First Interstate Bank's investment portfolio, making the stock its 2nd biggest holding. First Interstate Bank owned about 4.83% of First Interstate BancSystem worth $144,778,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FIBK. FMR LLC boosted its holdings in 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 worth $220,352,000 after purchasing an additional 1,778,269 shares during the last quarter. Wellington Management Group LLP raised its position in First Interstate BancSystem by 88.3% during the fourth quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock worth $78,760,000 after acquiring an additional 1,137,401 shares in the last quarter. Norges Bank bought a new stake in First Interstate BancSystem during the fourth quarter worth $24,137,000. FJ Capital Management LLC bought a new stake in First Interstate BancSystem during the fourth quarter worth $19,960,000. Finally, Vanguard Group Inc. raised its position in First Interstate BancSystem by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider's stock worth $299,691,000 after acquiring an additional 587,975 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock traded down $0.34 during midday trading on Friday, hitting $31.04. 594,195 shares of the company traded hands, compared to its average volume of 724,288. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 14.71 and a beta of 0.79. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.77 and a current ratio of 0.77. The firm's fifty day moving average price is $27.92 and its 200-day moving average price is $29.17. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The company had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. As a group, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on FIBK. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $28.00 to $32.00 in a research report on Tuesday. Keefe, Bruyette & Woods raised 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. Finally, Wells Fargo & Company raised 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 report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, First Interstate BancSystem has a consensus rating of "Hold" and a consensus target price of $35.43.

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.