First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Acquired by WBI Investments LLC

WBI Investments LLC lifted its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 39.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 11,645 shares of the financial services provider’s stock after acquiring an additional 3,269 shares during the period. WBI Investments LLC’s holdings in First Interstate BancSystem were worth $378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $69,000. Covestor Ltd grew its stake in First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 510 shares during the period. Sterling Capital Management LLC grew its stake in First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 2,231 shares during the period. KBC Group NV grew its stake in First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock valued at $130,000 after acquiring an additional 1,022 shares during the period. Finally, Captrust Financial Advisors acquired a new stake in First Interstate BancSystem in the 4th quarter valued at $208,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $27.51 on Tuesday. The company’s 50-day moving average is $27.17 and its two-hundred day moving average is $30.63. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. 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 $2.88 billion, a price-to-earnings ratio of 12.56 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last posted its 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 business had revenue of $42.00 million for 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%. First Interstate BancSystem’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. Analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, May 12th. This represents a $1.88 annualized dividend and a yield of 6.83%. First Interstate BancSystem’s dividend payout ratio (DPR) is 89.10%.

Analyst Upgrades and Downgrades

FIBK has been the topic of a number of research analyst reports. DA Davidson reissued a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Piper Sandler dropped their price target on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company dropped their price target on shares of First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 9th. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday, May 10th. Finally, Stephens decreased their price objective on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.00.

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.