State of Alaska Department of Revenue Boosts Stock Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• State of Alaska Department of Revenue increased its stake in First Interstate BancSystem by 1,104.9% in Q4, buying 45,719 shares to hold 49,857 shares valued at $1.724 million.
• Analyst coverage is mixed but the consensus rating is a Hold with an average price target of $38.00, following several recent target cuts and rating changes.
• First Interstate beat Q4 EPS expectations ($1.08 vs. $0.64) but missed revenue forecasts ($205.1M vs. $256.9M), and it pays a quarterly dividend of $0.47 (annualized yield ~5.4%, payout ratio ~63.7%).

State of Alaska Department of Revenue increased its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1,104.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,857 shares of the financial services provider's stock after buying an additional 45,719 shares during the period. State of Alaska Department of Revenue's holdings in First Interstate BancSystem were worth $1,724,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. First Horizon Corp purchased a new stake in First Interstate BancSystem during the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC boosted its stake in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. GAMMA Investing LLC boosted its stake in First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 516 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in First Interstate BancSystem by 1,485.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 1,500 shares during the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in First Interstate BancSystem during the 3rd quarter valued at $52,000. 88.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the company. Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Keefe, Bruyette & Woods cut their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "outperform" rating on the stock in a research note on Thursday, April 9th. Stephens downgraded First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a research note on Thursday, February 5th. DA Davidson reiterated a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Finally, Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, April 2nd. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, First Interstate BancSystem presently has a consensus rating of "Hold" and an average price target of $38.00.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $34.62 on Monday. The business's fifty day moving average price is $34.72 and its 200-day moving average price is $34.24. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 11.74 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. First Interstate BancSystem, Inc. has a 1-year low of $24.76 and a 1-year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.44. The firm had revenue of $205.10 million for the quarter, compared to analysts' expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company's revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.50 EPS. On average, equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem's dividend payout ratio is presently 63.73%.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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