AQR Capital Management LLC Acquires Shares of 8,712 First Interstate BancSystem, Inc. (NASDAQ:FIBK)

AQR Capital Management LLC purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,712 shares of the financial services provider’s stock, valued at approximately $242,000.

Other institutional investors also recently modified their holdings of the company. TNF LLC boosted its position in 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 buying an additional 410 shares in the last quarter. Caprock Group LLC increased its holdings in First Interstate BancSystem by 1.7% in the 2nd 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 stake in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares in the last quarter. Inspire Investing LLC boosted its stake in shares of 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 valued at $355,000 after purchasing an additional 570 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings 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 last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. DA Davidson lifted their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Barclays increased their price objective on First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Wells Fargo & Company lowered 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 report on Tuesday, October 1st. Keefe, Bruyette & Woods raised their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Finally, Piper Sandler reissued an “overweight” rating and set a $38.00 target price on shares of First Interstate BancSystem in a research report on Monday, August 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $33.17.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $32.84 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $3.43 billion, a P/E ratio of 13.08 and a beta of 0.81. The company has a fifty day moving average of $30.08 and a 200-day moving average of $28.37. First Interstate BancSystem, Inc. has a twelve month low of $20.81 and a twelve month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $244.30 million during the quarter, compared to analyst estimates of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same period in the previous year, the company posted $0.66 EPS. As a group, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.34 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a yield of 5.72%. First Interstate BancSystem’s dividend payout ratio (DPR) 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.