abrdn plc Trims Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

abrdn plc decreased its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 8.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 733,344 shares of the financial services provider's stock after selling 68,143 shares during the quarter. abrdn plc owned about 0.70% of First Interstate BancSystem worth $22,499,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FIBK. BNP Paribas Financial Markets grew its position in First Interstate BancSystem by 235.6% in the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider's stock worth $2,131,000 after acquiring an additional 54,973 shares during the period. Jennison Associates LLC increased its position in shares of First Interstate BancSystem by 9.6% during the 1st quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider's stock worth $23,149,000 after purchasing an additional 74,434 shares during the last quarter. Sciencast Management LP purchased a new stake in First Interstate BancSystem in the 1st quarter valued at about $705,000. Dimensional Fund Advisors LP lifted its position in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider's stock valued at $127,204,000 after buying an additional 367,212 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in First Interstate BancSystem during the first quarter worth about $1,597,000. Institutional investors and hedge funds own 88.71% of the company's stock.

First Interstate BancSystem Stock Down 0.1 %

FIBK stock traded down $0.02 during mid-day trading on Friday, reaching $30.78. The company had a trading volume of 627,823 shares, compared to its average volume of 676,715. First Interstate BancSystem, Inc. has a fifty-two week low of $22.89 and a fifty-two week high of $33.00. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 13.50 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a fifty day simple moving average of $30.64 and a 200 day simple moving average of $28.81.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.57% and a net margin of 17.22%. During the same quarter in the previous year, the company posted $0.70 earnings per share. Analysts forecast that First Interstate BancSystem, Inc. will post 2.29 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.11%. First Interstate BancSystem's payout ratio is currently 82.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FIBK shares. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. StockNews.com cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Thursday, October 3rd. Stephens reissued an "overweight" rating and set a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Piper Sandler lowered their target price on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a report on Monday. Finally, Barclays lowered shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their price target for the stock from $32.00 to $30.00 in a research note on Thursday. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, First Interstate BancSystem has an average rating of "Hold" and a consensus price target of $32.50.

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.