Deutsche Bank AG Cuts Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Deutsche Bank AG cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 38.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 69,610 shares of the financial services provider’s stock after selling 43,837 shares during the quarter. Deutsche Bank AG owned about 0.07% of First Interstate BancSystem worth $2,260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in shares of First Interstate BancSystem in the 4th quarter valued at $69,000. Covestor Ltd boosted its position in shares of First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 510 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 2,231 shares in the last quarter. KBC Group NV boosted its position in shares of First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,022 shares in the last quarter. Finally, Captrust Financial Advisors acquired a new stake in shares of First Interstate BancSystem in the 4th quarter worth $208,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $26.47 on Friday. The stock has a 50-day moving average of $27.05 and a two-hundred day moving average of $30.56. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $2.78 billion, a P/E ratio of 12.09 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The firm had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. During the same period in the prior year, the firm posted $0.57 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 7.10%. First Interstate BancSystem’s dividend payout ratio is currently 89.10%.

Analyst Ratings Changes

A number of analysts have recently weighed in on FIBK shares. Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Saturday, May 10th. Piper Sandler lowered their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company lowered their price objective on First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating for the company in a research report on Wednesday, April 9th. Barclays lowered their price objective on First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, April 8th. Finally, DA Davidson reissued a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.