Sei Investments Co. Lowers Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Sei Investments Co. cut its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 436,854 shares of the financial services provider’s stock after selling 11,304 shares during the quarter. Sei Investments Co. owned 0.42% of First Interstate BancSystem worth $12,131,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FIBK. Parallel Advisors LLC lifted its stake in shares of First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 856 shares during the period. CWM LLC raised 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 worth $87,000 after purchasing an additional 430 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in First Interstate BancSystem by 28.2% in 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 during the period. Innealta Capital LLC purchased a new stake in First Interstate BancSystem in the 2nd quarter valued at approximately $106,000. Finally, nVerses Capital LLC increased its position in 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 purchasing an additional 3,300 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FIBK has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Stephens boosted their target price 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. Barclays increased their price target on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday. Piper Sandler reissued an “overweight” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a report on Monday, August 26th. Finally, DA Davidson upped their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and a consensus target price of $33.50.

First Interstate BancSystem Stock Up 0.5 %

Shares of NASDAQ FIBK opened at $30.37 on Friday. The firm’s 50-day moving average is $30.07 and its two-hundred day moving average is $27.93. The company has a market capitalization of $3.18 billion, a PE ratio of 12.10 and a beta of 0.82. First Interstate BancSystem, Inc. has a 12-month low of $20.81 and a 12-month 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.

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

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors 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 yield of 6.19%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

First Interstate BancSystem Company 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.