Rafferty Asset Management LLC Reduces Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Rafferty Asset Management LLC reduced its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,859 shares of the financial services provider's stock after selling 14,618 shares during the period. Rafferty Asset Management LLC owned 0.11% of First Interstate BancSystem worth $3,697,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Evergreen Capital Management LLC boosted its holdings in shares of First Interstate BancSystem by 1.9% during the 4th quarter. Evergreen Capital Management LLC now owns 24,580 shares of the financial services provider's stock worth $798,000 after purchasing an additional 468 shares during the last quarter. Covestor Ltd lifted its holdings in 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 acquiring an additional 510 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in First Interstate BancSystem by 7.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,872 shares of the financial services provider's stock valued at $385,000 after acquiring an additional 807 shares during the last quarter. Swiss National Bank lifted its holdings in First Interstate BancSystem by 0.5% in the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock valued at $6,008,000 after acquiring an additional 1,000 shares during the last quarter. Finally, KBC Group NV lifted its holdings in First Interstate BancSystem by 34.1% in the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock valued at $130,000 after acquiring an additional 1,022 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Up 0.5%

Shares of First Interstate BancSystem stock traded up $0.14 during trading hours on Friday, reaching $26.61. 1,024,997 shares of the company were exchanged, compared to its average volume of 671,035. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The stock's fifty day moving average is $27.01 and its 200 day moving average is $30.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $2.79 billion, a PE ratio of 12.15 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The company had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. During the same period in the prior year, the company posted $0.57 EPS. The firm's revenue was up 2.0% compared to the same quarter last year. As a group, equities research 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 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 7.07%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. DA Davidson reiterated a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Wells Fargo & Company decreased their price objective on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, April 9th. Piper Sandler decreased their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Barclays decreased their price objective on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a report on Tuesday, April 8th. Finally, Stephens decreased their price objective 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. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $35.00.

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.