First Interstate BancSystem, Inc. $FIBK Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA reduced its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.5% during the 4th quarter, Holdings Channel reports. The firm owned 1,340,686 shares of the financial services provider’s stock after selling 48,068 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in First Interstate BancSystem were worth $46,388,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FIBK. Yousif Capital Management LLC acquired a new stake in shares of First Interstate BancSystem in the fourth quarter valued at about $866,000. Nisa Investment Advisors LLC grew its position in shares of First Interstate BancSystem by 62.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,382 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 1,679 shares during the period. Hoese & Co LLP acquired a new stake in shares of First Interstate BancSystem in the fourth quarter valued at about $104,000. Exchange Traded Concepts LLC grew its position in shares of First Interstate BancSystem by 16.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 31,775 shares of the financial services provider’s stock valued at $1,099,000 after purchasing an additional 4,536 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of First Interstate BancSystem by 180.6% in the fourth quarter. SG Americas Securities LLC now owns 75,583 shares of the financial services provider’s stock valued at $2,615,000 after purchasing an additional 48,648 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Stephens lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. DA Davidson reiterated a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 29th. UBS Group lowered First Interstate BancSystem from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $38.00 to $35.00 in a research note on Tuesday, April 7th. Piper Sandler lowered their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods lowered their price target on First Interstate BancSystem from $39.00 to $38.00 and set an “outperform” rating on the stock in a research note on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and an average price target of $38.00.

First Interstate BancSystem Stock Performance

FIBK opened at $34.25 on Wednesday. The firm has a market capitalization of $3.46 billion, a PE ratio of 11.61 and a beta of 0.77. First Interstate BancSystem, Inc. has a twelve month low of $24.76 and a twelve month high of $39.26. The firm’s 50-day moving average price is $34.97 and its 200 day moving average price is $34.19. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The firm had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. First Interstate BancSystem’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.5%. First Interstate BancSystem’s payout ratio is presently 63.73%.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.