Vanguard Group Inc. Raises Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• Vanguard Group boosted its stake in First Interstate BancSystem by 13.7% to 10,048,419 shares, representing 9.77% ownership worth roughly $347.7 million, and institutional investors now own about 88.71% of the stock.
• The company declared a quarterly dividend of $0.47 per share (annualized $1.88) for a yield of about 5.2%, with an ex-dividend/record date of May 11 and payment on May 21.
• First Interstate reported quarterly EPS of $0.61, beating estimates by $0.01; the stock has a market cap of $3.67 billion, a P/E of ~11.8, and an average analyst rating of Hold with a $37.33 target.

Vanguard Group Inc. lifted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 13.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,048,419 shares of the financial services provider's stock after acquiring an additional 1,214,454 shares during the quarter. Vanguard Group Inc. owned 9.77% of First Interstate BancSystem worth $347,675,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. First Horizon Corp bought a new stake in shares of First Interstate BancSystem in the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after acquiring an additional 862 shares during the period. Jones Financial Companies Lllp grew its stake in shares of First Interstate BancSystem by 1,485.1% in the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider's stock worth $52,000 after acquiring an additional 1,500 shares during the period. CIBC Private Wealth Group LLC bought a new stake in shares of First Interstate BancSystem in the third quarter worth approximately $52,000. Finally, GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider's stock worth $54,000 after acquiring an additional 516 shares during the period. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $36.25 on Friday. The firm has a 50 day moving average of $34.19 and a 200 day moving average of $34.57. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 11.81 and a beta of 0.77. First Interstate BancSystem, Inc. has a 12-month low of $25.81 and a 12-month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a net margin of 28.19% and a return on equity of 9.13%. The company had revenue of $41.10 million during the quarter, compared to analyst estimates of $242.78 million. During the same period in the previous year, the business posted $0.49 earnings per share. On average, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Monday, May 11th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 5.2%. First Interstate BancSystem's payout ratio is currently 61.24%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FIBK shares. DA Davidson lifted their price target on shares of First Interstate BancSystem from $39.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Barclays cut their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating for the company in a research report on Friday, January 30th. Piper Sandler cut their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, April 2nd. Stephens lowered shares of First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a research report on Thursday, February 5th. Finally, Weiss Ratings upgraded shares of First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $37.33.

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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