Renaissance Technologies LLC Lowers Position in First Interstate BancSystem, Inc. (FIBK)
Renaissance Technologies LLC lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 22.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 364,700 shares of the financial services provider’s stock after selling 103,200 shares during the period. Renaissance Technologies LLC owned 0.81% of First Interstate BancSystem worth $14,460,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of FIBK. Vanguard Group Inc. boosted its position in First Interstate BancSystem by 44.7% in the first quarter. Vanguard Group Inc. now owns 1,795,049 shares of the financial services provider’s stock valued at $71,175,000 after buying an additional 554,418 shares during the period. Bahl & Gaynor Inc. boosted its stake in First Interstate BancSystem by 367.8% in the first quarter. Bahl & Gaynor Inc. now owns 186,412 shares of the financial services provider’s stock valued at $7,392,000 after buying an additional 146,566 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in First Interstate BancSystem by 28.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 405,384 shares of the financial services provider’s stock valued at $16,073,000 after buying an additional 90,083 shares during the last quarter. RidgeWorth Capital Management LLC purchased a new stake in First Interstate BancSystem during the first quarter valued at approximately $3,358,000. Finally, State Street Corp boosted its stake in First Interstate BancSystem by 17.7% in the fourth quarter. State Street Corp now owns 463,639 shares of the financial services provider’s stock valued at $19,726,000 after buying an additional 69,681 shares during the last quarter. Hedge funds and other institutional investors own 38.69% of the company’s stock.
First Interstate BancSystem, Inc. (NASDAQ FIBK) traded up 0.68% during mid-day trading on Tuesday, hitting $36.80. The stock had a trading volume of 251,207 shares. First Interstate BancSystem, Inc. has a 12 month low of $29.29 and a 12 month high of $45.35. The company has a market cap of $2.08 billion, a price-to-earnings 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 (NASDAQ:FIBK) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.59 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.03. The business had revenue of $116.50 million for the quarter, compared to analyst estimates of $119.97 million. First Interstate BancSystem had a net margin of 22.60% and a return on equity of 10.44%. Equities analysts anticipate that First Interstate BancSystem, Inc. will post $2.29 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Stockholders 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 dividend yield of 2.61%. The ex-dividend date of this dividend is Monday, July 31st. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 46.38%.
Several equities research analysts have commented on the company. Zacks Investment Research cut First Interstate BancSystem from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub lowered First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Barclays PLC reaffirmed an “overweight” rating and set a $41.00 price target on shares of First Interstate BancSystem in a research report on Tuesday, June 13th. Wells Fargo & Company raised First Interstate BancSystem from a “market perform” rating to an “outperform” rating in a research report on Friday, June 2nd. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $43.00 target price (down from $44.00) on shares of First Interstate BancSystem in a report on Thursday, June 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. First Interstate BancSystem has an average rating of “Buy” and a consensus price target of $42.00.
First Interstate BancSystem Company Profile
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.
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