Edgestream Partners L.P. Has $3.24 Million Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Edgestream Partners L.P. lifted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 98.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 116,628 shares of the financial services provider’s stock after buying an additional 57,938 shares during the period. Edgestream Partners L.P.’s holdings in First Interstate BancSystem were worth $3,239,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in First Interstate BancSystem by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock worth $28,630,000 after buying an additional 42,580 shares in the last quarter. Rafferty Asset Management LLC boosted its position in shares of First Interstate BancSystem by 27.7% during the 4th quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after acquiring an additional 31,710 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of First Interstate BancSystem by 235.6% during the 1st 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 in the last quarter. Jennison Associates LLC increased its stake in First Interstate BancSystem by 9.6% in the first quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock valued at $23,149,000 after acquiring an additional 74,434 shares during the last quarter. Finally, Sciencast Management LP acquired a new position in First Interstate BancSystem during the first quarter valued at approximately $705,000. Institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FIBK. Wells Fargo & Company lifted their price target on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. DA Davidson lifted 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. Stephens increased their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Barclays lifted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Piper Sandler reissued an “overweight” rating and issued a $38.00 price objective on shares of First Interstate BancSystem in a research note on Monday, August 26th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target of $33.33.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $30.94 on Thursday. The business has a 50 day moving average of $30.04 and a 200-day moving average of $27.78. The company has a market capitalization of $3.24 billion, a P/E ratio of 12.33 and a beta of 0.82. First Interstate BancSystem, Inc. has a 1 year low of $20.81 and a 1 year high of $33.00. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period in the prior year, the company posted $0.66 EPS. On average, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.34 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

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 6.08%. The ex-dividend date of this dividend 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.