Villere ST Denis J & Co. LLC Cuts Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Villere ST Denis J & Co. LLC reduced its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 530,829 shares of the financial services provider's stock after selling 10,390 shares during the quarter. Villere ST Denis J & Co. LLC owned approximately 0.51% of First Interstate BancSystem worth $15,208,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC acquired a new position in First Interstate BancSystem during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new stake in First Interstate BancSystem during the fourth quarter worth about $69,000. Covestor Ltd increased its stake in shares of First Interstate BancSystem by 25.8% in the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after purchasing an additional 510 shares in the last quarter. Sterling Capital Management LLC increased its stake in shares of First Interstate BancSystem by 826.3% in the fourth quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,231 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of First Interstate BancSystem by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock worth $139,000 after purchasing an additional 4,494 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on FIBK. Wells Fargo & Company reduced their price objective on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a report on Monday, June 23rd. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, Barclays reduced their price objective on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $34.43.

First Interstate BancSystem Trading Down 1.8%

NASDAQ:FIBK traded down $0.53 during midday trading on Friday, reaching $28.48. 3,435,445 shares of the stock traded hands, compared to its average volume of 714,482. The company has a fifty day moving average of $27.24 and a 200 day moving average of $29.31. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market capitalization of $2.99 billion, a P/E ratio of 13.50 and a beta of 0.79.

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). The company had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The firm's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 earnings per share. On average, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders 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 yield of 6.60%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem's payout ratio is currently 89.10%.

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.