Wedge Capital Management L L P NC Sells 67,518 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wedge Capital Management L L P NC trimmed its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 46.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,464 shares of the financial services provider's stock after selling 67,518 shares during the quarter. Wedge Capital Management L L P NC owned about 0.07% of First Interstate BancSystem worth $2,377,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FIBK. Wellington Management Group LLP boosted its holdings in shares of First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider's stock worth $91,350,000 after buying an additional 142,069 shares during the period. Vanguard Group Inc. grew its position in shares of First Interstate BancSystem by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider's stock valued at $282,303,000 after purchasing an additional 533,293 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of 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 during the period. Commonwealth Equity Services LLC lifted its holdings in First Interstate BancSystem by 4.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 49,982 shares of the financial services provider's stock worth $1,360,000 after purchasing an additional 2,015 shares during the last quarter. Finally, Caprock Group LLC boosted its stake in First Interstate BancSystem by 1.8% in the 1st quarter. Caprock Group LLC now owns 25,251 shares of the financial services provider's stock valued at $687,000 after purchasing an additional 437 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on FIBK. Stephens reiterated an "overweight" rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. DA Davidson raised their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a "market perform" rating in a research report on Monday, July 29th. Wells Fargo & Company downgraded First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $30.00 to $28.00 in a research report on Tuesday, October 1st. Finally, Piper Sandler restated an "overweight" rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research note on Monday, August 26th. Two investment 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 MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and a consensus price target of $33.17.

First Interstate BancSystem Price Performance

NASDAQ FIBK traded up $0.86 on Wednesday, hitting $32.50. 530,334 shares of the company's stock were exchanged, compared to its average volume of 681,824. The stock has a 50-day moving average of $29.89 and a 200-day moving average of $28.31. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 12.95 and a beta of 0.81. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week 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 released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, beating 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 business had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. During the same period last year, the firm posted $0.66 earnings per share. Analysts expect that First Interstate BancSystem, Inc. will post 2.34 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.78%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem's payout ratio is presently 74.90%.

First Interstate BancSystem Company 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.