Renaissance Technologies LLC Purchases New Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Renaissance Technologies LLC bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 29,698 shares of the financial services provider's stock, valued at approximately $825,000.

Several other hedge funds also recently added to or reduced their stakes in the business. TNF LLC increased its holdings in shares of First Interstate BancSystem by 1.7% in the second quarter. TNF LLC now owns 25,009 shares of the financial services provider's stock valued at $694,000 after purchasing an additional 410 shares during the period. Caprock Group LLC boosted its position in First Interstate BancSystem by 1.7% during the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider's stock worth $713,000 after purchasing an additional 422 shares in the last quarter. CWM LLC boosted 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 worth $87,000 after purchasing an additional 430 shares in the last quarter. Inspire Investing LLC boosted its position in First Interstate BancSystem by 4.6% during the first quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider's stock worth $355,000 after purchasing an additional 570 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted 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 worth $104,000 after purchasing an additional 744 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Up 0.0 %

NASDAQ:FIBK traded up $0.01 during midday trading on Tuesday, reaching $29.50. The company had a trading volume of 62,657 shares, compared to its average volume of 685,228. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 11.75 and a beta of 0.81. The stock's fifty day simple moving average is $29.80 and its 200-day simple moving average is $28.16. First Interstate BancSystem, Inc. has a 12-month low of $20.81 and a 12-month high of $33.00. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping 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 business had revenue of $244.30 million for the quarter, compared to analysts' expectations of $246.07 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders 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 (DPR) is currently 74.90%.

Analyst Upgrades and Downgrades

FIBK has been the topic of a number of recent analyst reports. Barclays increased their price target on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Friday, September 27th. Stephens raised their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, July 29th. DA Davidson raised their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a "neutral" rating in a research report on Monday, July 29th. Piper Sandler restated an "overweight" rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research report on Monday, August 26th. Finally, Keefe, Bruyette & Woods increased their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company a "market perform" rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of "Hold" and a consensus price target of $33.17.

About First Interstate BancSystem

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.