Rafferty Asset Management LLC Sells 14,618 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

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

A number of other hedge funds and other institutional investors have also modified their holdings of FIBK. FMR LLC raised its holdings 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 purchasing an additional 1,778,269 shares in the last quarter. Wellington Management Group LLP raised its holdings 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 worth $78,760,000 after acquiring an additional 1,137,401 shares during the period. Victory Capital Management Inc. raised its holdings in 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 during the period. Norges Bank bought a new position in First Interstate BancSystem in the 4th quarter worth $24,137,000. Finally, Jennison Associates LLC raised its holdings in 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 during the period. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $27.61 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 12.61 and a beta of 0.76. The company's fifty day moving average is $27.18 and its two-hundred day moving average is $30.65. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77.

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 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 during the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The business's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. Equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $1.88 annualized dividend and a dividend yield of 6.81%. First Interstate BancSystem's dividend payout ratio (DPR) is currently 89.10%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Barclays dropped their target price on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a report on Tuesday, April 8th. Stephens dropped their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. StockNews.com upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. DA Davidson reiterated a "buy" rating and issued a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 30th. Finally, Piper Sandler dropped their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average 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.

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