Millennium Management LLC Sells 506,702 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Millennium Management LLC cut its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 36.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 866,017 shares of the financial services provider's stock after selling 506,702 shares during the period. Millennium Management LLC owned approximately 0.83% of First Interstate BancSystem worth $28,120,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in FIBK. FMR LLC raised its position in shares of First Interstate BancSystem by 35.5% in the 4th quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock worth $220,352,000 after acquiring an additional 1,778,269 shares in the last quarter. Wellington Management Group LLP raised its position in shares of First Interstate BancSystem by 88.3% in the 4th 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. Victory Capital Management Inc. raised its position in shares of First Interstate BancSystem by 309.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock worth $41,247,000 after acquiring an additional 960,372 shares in the last quarter. Norges Bank bought a new position in shares of First Interstate BancSystem in the 4th quarter worth about $24,137,000. Finally, Jennison Associates LLC raised its position in shares of First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after acquiring an additional 654,688 shares in the last quarter. 88.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FIBK shares. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Piper Sandler reduced their target price on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. DA Davidson restated a "buy" rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Wells Fargo & Company reduced their target price on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research note on Wednesday, April 9th. Finally, Stephens reduced their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a research note on Friday, January 31st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $35.00.

First Interstate BancSystem Price Performance

FIBK stock opened at $27.51 on Tuesday. The company has a market capitalization of $2.88 billion, a P/E ratio of 12.56 and a beta of 0.76. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. 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 simple moving average of $27.17 and a two-hundred day simple moving average of $30.63.

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). The company had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. First Interstate BancSystem's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. Research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.83%. First Interstate BancSystem's dividend payout ratio (DPR) is currently 89.10%.

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.

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