First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC reduced its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 35.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,450 shares of the financial services provider's stock after selling 104,452 shares during the period. Voloridge Investment Management LLC owned approximately 0.18% of First Interstate BancSystem worth $6,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of First Interstate BancSystem by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider's stock valued at $299,691,000 after purchasing an additional 587,975 shares during the period. FMR LLC increased its holdings in shares of First Interstate BancSystem by 35.5% in the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after purchasing an additional 1,778,269 shares during the period. Franklin Resources Inc. increased its holdings in shares of First Interstate BancSystem by 2.7% in the fourth quarter. Franklin Resources Inc. now owns 5,474,757 shares of the financial services provider's stock valued at $177,765,000 after purchasing an additional 145,842 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of First Interstate BancSystem by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,045,741 shares of the financial services provider's stock valued at $163,836,000 after purchasing an additional 138,050 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in First Interstate BancSystem by 3.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider's stock worth $95,360,000 after acquiring an additional 107,774 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK traded down $0.25 during midday trading on Friday, hitting $26.96. The stock had a trading volume of 138,897 shares, compared to its average volume of 673,821. The company has a market capitalization of $2.83 billion, a PE ratio of 12.31 and a beta of 0.76. The stock has a 50 day simple moving average of $26.85 and a 200-day simple moving average of $30.35. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results 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 net margin of 15.94% and a return on equity of 6.92%. The company had revenue of $42.00 million during the quarter, compared to analyst estimates of $253.50 million. During the same period in the prior year, the business posted $0.57 EPS. First Interstate BancSystem's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, sell-side 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 announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 annualized dividend and a yield of 6.97%. First Interstate BancSystem's dividend payout ratio (DPR) is 89.10%.

Analyst Ratings Changes

Several research firms recently commented on FIBK. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Stephens dropped their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Piper Sandler lowered their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Wells Fargo & Company lowered their price target on 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. Finally, DA Davidson reiterated a "buy" rating and set a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $35.00.

First Interstate BancSystem 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.