Millennium Management LLC Lowers Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Millennium Management LLC decreased its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 24.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 938,294 shares of the financial services provider’s stock after selling 310,245 shares during the quarter. Millennium Management LLC’s holdings in First Interstate BancSystem were worth $26,056,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. 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 valued at $39,000 after purchasing an additional 856 shares in the last quarter. CWM LLC lifted its position 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 buying an additional 430 shares in the last quarter. PNC Financial Services Group Inc. lifted its position 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 buying an additional 744 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of First Interstate BancSystem in the second quarter worth $106,000. Finally, nVerses Capital LLC raised its stake in shares of First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Up 0.3 %

NASDAQ:FIBK opened at $29.53 on Friday. The company has a market cap of $3.09 billion, a PE ratio of 11.76 and a beta of 0.82. The business’s 50 day moving average is $29.88 and its two-hundred day moving average is $28.07. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period last year, the business posted $0.66 earnings per share. On average, analysts predict that First Interstate BancSystem, Inc. will post 2.34 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm 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 dividend yield of 6.37%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FIBK. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Thursday. DA Davidson upped their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Barclays lifted their price target on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Stephens boosted their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods increased their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $33.17.

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.