First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 136,830 shares of the financial services provider’s stock after selling 2,698 shares during the quarter. Rhumbline Advisers owned approximately 0.13% of First Interstate BancSystem worth $3,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TNF LLC grew its position in First Interstate BancSystem by 1.7% during the second quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock valued at $694,000 after buying an additional 410 shares during the period. CWM LLC lifted its holdings in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares in the last quarter. Caprock Group LLC lifted its holdings in First Interstate BancSystem by 1.8% during the first quarter. Caprock Group LLC now owns 25,251 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 437 shares in the last quarter. Inspire Investing LLC lifted its holdings in First Interstate BancSystem by 4.6% during the first quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock valued at $355,000 after purchasing an additional 570 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FIBK shares. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a report on Monday, August 26th. Stephens raised 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 note on Monday, July 29th. DA Davidson raised their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Wells Fargo & Company lifted their target price on shares of 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. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $33.33.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $30.51 on Tuesday. First Interstate BancSystem, Inc. has a 1-year low of $20.81 and a 1-year high of $33.00. The stock has a market cap of $3.19 billion, a PE ratio of 12.16 and a beta of 0.82. The firm has a 50-day simple moving average of $29.93 and a two-hundred day simple moving average of $27.72. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79.

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

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is presently 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.