BW Gestao de Investimentos Ltda. Invests $2.08 Million in First Interstate BancSystem, Inc. $FIBK

BW Gestao de Investimentos Ltda. purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the fourth quarter, HoldingsChannel reports. The fund purchased 60,000 shares of the financial services provider’s stock, valued at approximately $2,076,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of First Interstate BancSystem by 13.7% during the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after buying an additional 1,214,454 shares in the last quarter. Wellington Management Group LLP grew its holdings in First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after purchasing an additional 1,003,021 shares during the period. Dimensional Fund Advisors LP grew its holdings in First Interstate BancSystem by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock valued at $175,140,000 after purchasing an additional 78,835 shares during the period. State Street Corp grew its holdings in First Interstate BancSystem by 2.3% in the second quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock valued at $116,735,000 after purchasing an additional 92,715 shares during the period. Finally, HoldCo Asset Management LP grew its holdings in First Interstate BancSystem by 10.6% in the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after purchasing an additional 380,000 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FIBK. DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and lowered their target price for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Tuesday, May 19th. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a report on Monday, March 30th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.00.

First Interstate BancSystem Trading Up 1.4%

FIBK opened at $35.22 on Wednesday. The stock has a market capitalization of $3.42 billion, a PE ratio of 11.47 and a beta of 0.76. The firm’s fifty day moving average price is $34.50 and its 200 day moving average price is $34.97. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. First Interstate BancSystem, Inc. has a 12-month low of $25.81 and a 12-month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the prior year, the company posted $0.49 earnings per share. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 5.3%. First Interstate BancSystem’s dividend payout ratio is currently 61.24%.

About First Interstate BancSystem

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.