Bank of America Corp DE Sells 212,522 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Bank of America Corp DE trimmed its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 15.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,144,376 shares of the financial services provider's stock after selling 212,522 shares during the period. Bank of America Corp DE owned about 1.09% of First Interstate BancSystem worth $37,158,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Meeder Asset Management Inc. bought a new position in shares of First Interstate BancSystem during the fourth quarter worth about $69,000. Covestor Ltd grew its stake in shares of First Interstate BancSystem by 25.8% during the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after acquiring an additional 510 shares in the last quarter. Sterling Capital Management LLC raised its holdings 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 valued at $81,000 after purchasing an additional 2,231 shares during the last quarter. KBC Group NV lifted its position in shares of 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 worth $130,000 after purchasing an additional 1,022 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in First Interstate BancSystem during the fourth quarter worth $241,000. Institutional investors own 88.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FIBK shares. Stephens reduced their price objective on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a research note on Friday, January 31st. Barclays reduced their price target on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler lowered their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. DA Davidson restated a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. 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. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $35.00.

First Interstate BancSystem Price Performance

NASDAQ FIBK traded down $0.54 during trading hours on Wednesday, reaching $26.95. 35,832 shares of the stock traded hands, compared to its average volume of 665,355. The stock has a 50 day simple moving average of $27.15 and a two-hundred day simple moving average of $30.61. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 12.33 and a beta of 0.76. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced 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 firm had revenue of $42.00 million during the quarter, compared to analysts' expectations of $253.50 million. During the same quarter in the previous year, the firm earned $0.57 earnings per share. First Interstate BancSystem's revenue was up 2.0% on a year-over-year basis. On average, analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Monday, May 12th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 6.98%. The ex-dividend date of this dividend is Monday, May 12th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 89.10%.

About First Interstate BancSystem

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.