First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stake Boosted by American International Group Inc.

American International Group Inc. raised its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 6.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 12,118 shares of the financial services provider’s stock after buying an additional 785 shares during the period. American International Group Inc.’s holdings in First Interstate BancSystem were worth $480,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Sei Investments Co. boosted its stake in shares of First Interstate BancSystem by 5.6% in the first quarter. Sei Investments Co. now owns 3,154 shares of the financial services provider’s stock worth $125,000 after buying an additional 168 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of First Interstate BancSystem by 14.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,162 shares of the financial services provider’s stock worth $177,000 after buying an additional 516 shares during the period. Stevens Capital Management LP acquired a new stake in shares of First Interstate BancSystem during the first quarter worth approximately $218,000. Advisors Asset Management Inc. boosted its stake in shares of First Interstate BancSystem by 829.0% in the first quarter. Advisors Asset Management Inc. now owns 6,029 shares of the financial services provider’s stock worth $239,000 after buying an additional 5,380 shares during the period. Finally, Wrapmanager Inc. boosted its stake in shares of First Interstate BancSystem by 5.1% in the first quarter. Wrapmanager Inc. now owns 6,105 shares of the financial services provider’s stock worth $242,000 after buying an additional 297 shares during the period. Hedge funds and other institutional investors own 38.69% of the company’s stock.

Shares of First Interstate BancSystem, Inc. (FIBK) traded up 0.68% during trading on Tuesday, reaching $36.80. 251,207 shares of the company were exchanged. The firm has a market capitalization of $2.08 billion, a P/E ratio of 17.83 and a beta of 1.15. The firm’s 50 day moving average is $36.89 and its 200 day moving average is $38.96. First Interstate BancSystem, Inc. has a 1-year low of $29.29 and a 1-year high of $45.35.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. First Interstate BancSystem had a return on equity of 10.44% and a net margin of 22.60%. The company had revenue of $116.50 million for the quarter, compared to the consensus estimate of $119.97 million. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post $2.29 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Wednesday, August 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Monday, July 31st. First Interstate BancSystem’s payout ratio is currently 46.38%.

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A number of equities analysts recently issued reports on the stock. Zacks Investment Research cut shares of First Interstate BancSystem from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub cut shares of First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Keefe, Bruyette & Woods set a $43.00 price target on shares of First Interstate BancSystem and gave the stock a “hold” rating in a research note on Saturday, May 27th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $43.00 price target (down previously from $44.00) on shares of First Interstate BancSystem in a research note on Thursday, June 1st. Finally, Barclays PLC reiterated an “overweight” rating and issued a $41.00 price target on shares of First Interstate BancSystem in a research note on Tuesday, June 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $42.00.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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