Dark Forest Capital Management LP Buys 10,669 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Dark Forest Capital Management LP increased its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 28.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,166 shares of the financial services provider’s stock after purchasing an additional 10,669 shares during the quarter. Dark Forest Capital Management LP’s holdings in First Interstate BancSystem were worth $1,338,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth $26,584,000. Vanguard Group Inc. grew its position in First Interstate BancSystem by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after acquiring an additional 533,293 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Wellington Management Group LLP raised its position in First Interstate BancSystem by 5.0% in the fourth quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock valued at $91,350,000 after purchasing an additional 142,069 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in shares of First Interstate BancSystem during the second quarter valued at about $3,003,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Down 2.1 %

NASDAQ:FIBK opened at $29.79 on Thursday. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $33.00. 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’s fifty day moving average is $30.09 and its 200-day moving average is $27.92. The firm has a market cap of $3.12 billion, a P/E ratio of 11.87 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly 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. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. 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 prior year, the firm posted $0.66 earnings per share. Equities analysts expect that First Interstate BancSystem, Inc. will post 2.34 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 annualized dividend and a yield of 6.31%. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FIBK shares. Keefe, Bruyette & Woods upped their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Stephens upped their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Piper Sandler reiterated an “overweight” rating and set a $38.00 price target on shares of First Interstate BancSystem in a report on Monday, August 26th. DA Davidson boosted their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Barclays raised their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and an average price target of $33.33.

First Interstate BancSystem 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.