Villere ST Denis J & Co. LLC Reduces Stake in First Interstate BancSystem, Inc.

Villere ST Denis J & Co. LLC has decreased its investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 2.9% during the third quarter, according to a recent 13F filing with the Securities and Exchange Commission (SEC). After selling 16,625 shares during this period, the firm now holds 558,489 shares of this financial services provider. Its holdings account for approximately 0.53% of First Interstate BancSystem, which was valued at $17,134,000 by the end of the quarter.

In addition to Villere ST Denis J & Co. LLC, several other hedge funds have also adjusted their positions in First Interstate BancSystem. For instance, TNF LLC increased its stake by 1.5% in the third quarter, owning 25,376 shares worth $812,000 after acquiring an additional 367 shares. Wealth Enhancement Advisory Services LLC saw a 20.3% increase, taking its total to 12,874 shares valued at $395,000 after adding 2,169 shares. Similarly, Mount Yale Investment Advisors LLC entered a new position valued at $311,000, while Hennion & Walsh Asset Management Inc. grew its holdings by 5.3%, now owning 10,136 shares worth $311,000 after purchasing 507 shares. Lastly, Altus Wealth Group LLC expanded its position by 21.4%, reaching 24,512 shares valued at $752,000 after buying an additional 4,316 shares. In total, 88.71% of First Interstate BancSystem's stock is owned by hedge funds and other institutional investors.

Current State of First Interstate BancSystem Stock

As of Friday, FIBK stock opened at $32.77. The company has experienced a one-year low of $22.89 and a high of $34.53. It boasts a market capitalization of $3.43 billion, with a PE ratio of 14.37 and a beta of 0.81. Presently, it has a debt-to-equity ratio of 0.92, along with quick and current ratios both at 0.79. The fifty-day moving average stands at $30.75 while the 200-day moving average is $29.06.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) recently released its quarterly earnings, which showed an EPS of $0.54 for the quarter, falling short of the expected $0.58 by $0.04. The company's net margin was 17.22%, with a return on equity at 7.57%. Comparatively, during the same quarter the prior year, the earnings per share were $0.70. Analysts predict that First Interstate BancSystem will post an EPS of 2.29 for the current year.

Dividend Announcement from First Interstate BancSystem

The company has also revealed a quarterly dividend set for payment on Thursday, November 14th. Shareholders on record as of Monday, November 4th, will receive a dividend of $0.47, translating to an annualized dividend of $1.88 and a yield of 5.74%. The ex-dividend date is scheduled for November 4th, with First Interstate BancSystem maintaining a dividend payout ratio of 82.46%.

Analysts' Ratings and Price Targets

Various research analysts have published ratings regarding FIBK stock. Barclays downgraded it from an “equal weight” to an “underweight” rating, slashing the price target from $32.00 to $30.00 as reported on October 31st. Conversely, DA Davidson raised their target from $27.00 to $34.00, maintaining a “neutral” rating. Keefe, Bruyette & Woods lifted their target from $29.00 to $31.00, categorizing the stock as “market perform.” StockNews.com downgraded their rating from “hold” to “sell” on October 3rd. Lastly, Piper Sandler set a new price objective of $36.00, down from $38.00, while tagging the stock as “overweight.” The consensus rating of First Interstate BancSystem stands at “Hold,” with a target price of $32.50 based on evidence from MarketBeat.

Background on First Interstate BancSystem

First Interstate BancSystem, Inc. operates as the holding company for First Interstate Bank, offering a variety of banking products and services across the United States. These include traditional depository products like checking, savings, and time deposits, along with repurchase agreements, primarily serving commercial and municipal depositors.

investment, finance, earnings