Peregrine Capital Management LLC Cuts Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Peregrine Capital Management LLC trimmed its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 186,263 shares of the financial services provider's stock after selling 10,203 shares during the period. Peregrine Capital Management LLC owned 0.18% of First Interstate BancSystem worth $5,336,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of FIBK. FMR LLC lifted its position in shares of First Interstate BancSystem by 35.5% during the 4th quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after buying an additional 1,778,269 shares during the last quarter. Wellington Management Group LLP raised its stake in 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 valued at $78,760,000 after acquiring an additional 1,137,401 shares during the period. Victory Capital Management Inc. lifted its holdings in First Interstate BancSystem by 309.9% during the fourth quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after purchasing an additional 960,372 shares during the last quarter. Norges Bank bought a new position in First Interstate BancSystem during the fourth quarter worth about $24,137,000. Finally, FJ Capital Management LLC bought a new position in First Interstate BancSystem during the fourth quarter worth about $19,960,000. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Price Performance

NASDAQ:FIBK traded up $0.59 during trading hours on Wednesday, hitting $30.60. The stock had a trading volume of 132,362 shares, compared to its average volume of 716,547. The company has a 50 day simple moving average of $27.36 and a two-hundred day simple moving average of $29.24. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of 14.51 and a beta of 0.79. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $42.00 million during the quarter, compared to analysts' expectations of $253.50 million. During the same quarter last year, the business posted $0.57 EPS. The company's quarterly revenue was up 2.0% on a year-over-year basis. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders 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 6.14%. First Interstate BancSystem's payout ratio is currently 89.10%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Barclays lowered their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 8th. 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 report on Monday, June 23rd. Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Finally, Wells Fargo & Company reduced their price target on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research report on Wednesday, April 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of "Hold" and a consensus price target of $34.43.

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.