Edgestream Partners L.P. Acquires 57,938 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Edgestream Partners L.P. boosted its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 98.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,628 shares of the financial services provider’s stock after purchasing an additional 57,938 shares during the period. Edgestream Partners L.P. owned about 0.11% of First Interstate BancSystem worth $3,239,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of First Interstate BancSystem by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock valued at $282,303,000 after acquiring an additional 533,293 shares during the last quarter. Franklin Resources Inc. grew its stake in First Interstate BancSystem by 36.2% in the fourth quarter. Franklin Resources Inc. now owns 5,453,783 shares of the financial services provider’s stock valued at $167,704,000 after purchasing an additional 1,449,219 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after purchasing an additional 142,069 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of First Interstate BancSystem by 1.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after buying an additional 32,348 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FIBK has been the topic of several analyst reports. Stephens upped their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, DA Davidson increased their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and a consensus target price of $33.33.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $30.94 on Thursday. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 12.33 and a beta of 0.82. The stock’s 50 day moving average is $30.04 and its 200-day moving average is $27.78. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. First Interstate BancSystem, Inc. has a 12 month low of $20.81 and a 12 month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. The firm had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same quarter last year, the business earned $0.66 EPS. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.34 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

First Interstate BancSystem 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.