Renaissance Technologies LLC Takes $825,000 Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Renaissance Technologies LLC purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 29,698 shares of the financial services provider’s stock, valued at approximately $825,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC increased its stake in shares of First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 744 shares in the last quarter. Innealta Capital LLC bought a new position in shares of First Interstate BancSystem during the 2nd quarter worth approximately $106,000. nVerses Capital LLC grew its stake in shares of First Interstate BancSystem by 412.5% during the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 3,300 shares in the last quarter. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of First Interstate BancSystem in the 4th quarter valued at approximately $164,000. 88.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on FIBK. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $30.00 to $28.00 in a report on Tuesday, October 1st. Piper Sandler reiterated an “overweight” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research report on Monday, August 26th. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. DA Davidson raised their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $33.17.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $29.49 on Tuesday. First Interstate BancSystem, Inc. has a one year low of $20.81 and a one year high of $33.00. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s 50 day moving average is $29.80 and its 200 day moving average is $28.16. The firm has a market cap of $3.08 billion, a P/E ratio of 11.75 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $244.30 million during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.66 earnings per share. As a group, 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 announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.38%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

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.