Dark Forest Capital Management LP Reduces Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Dark Forest Capital Management LP reduced its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 51.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,295 shares of the financial services provider's stock after selling 42,116 shares during the period. Dark Forest Capital Management LP's holdings in First Interstate BancSystem were worth $1,308,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. FMR LLC boosted its holdings in First Interstate BancSystem by 35.5% in the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after purchasing an additional 1,778,269 shares during the last quarter. Wellington Management Group LLP raised its position in shares of First Interstate BancSystem by 88.3% in the 4th quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock valued at $78,760,000 after purchasing an additional 1,137,401 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of First Interstate BancSystem by 309.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after purchasing an additional 960,372 shares in the last quarter. Norges Bank acquired a new stake in shares of First Interstate BancSystem during the fourth quarter worth approximately $24,137,000. Finally, Jennison Associates LLC grew its position in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after buying an additional 654,688 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $26.82 on Wednesday. The stock has a market capitalization of $2.80 billion, a P/E ratio of 12.25 and a beta of 0.81. The firm's 50-day moving average price is $28.29 and its two-hundred day moving average price is $31.13. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were given a dividend of $0.47 per share. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 7.01%. First Interstate BancSystem's dividend payout ratio is currently 85.84%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FIBK. Stephens reduced their price objective on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Piper Sandler decreased their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Monday, March 3rd. Wells Fargo & Company reduced their target price on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, April 9th. Finally, 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 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $35.00.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the transaction, the director now directly owns 1,414,886 shares of the company's stock, valued at $46,068,688.16. This represents a 0.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 6.90% of the company's stock.

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.

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