Villere ST Denis J & Co. LLC Reduces Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Villere ST Denis J & Co. LLC has reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% during the third quarter, as reported in its latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 16,625 shares, the fund now holds 558,489 shares in the financial services provider, representing about 0.53% of the company's total stock. At the end of the last quarter, this stake was valued at approximately $17,134,000.

In recent developments, several other hedge funds have also adjusted their holdings in First Interstate BancSystem. For example, TNF LLC increased its position by 1.5%, acquiring an additional 367 shares and bringing its total to 25,376 shares valued at $812,000. Similarly, Wealth Enhancement Advisory Services LLC boosted its stake by 20.3%, totaling 12,874 shares worth $395,000 after acquiring 2,169 shares in the last quarter. Mount Yale Investment Advisors LLC established a new position during the same quarter, valued at about $311,000. Hennion & Walsh Asset Management Inc. increased its holdings by 5.3%, now owning 10,136 shares for a total of $311,000 after buying an additional 507 shares. Lastly, Altus Wealth Group LLC raised its stake by 21.4%, owning 24,512 shares worth $752,000 after adding 4,316 shares in the recent quarter. Overall, 88.71% of First Interstate BancSystem’s stock is currently held by hedge funds and other institutional investors.

First Interstate BancSystem Stock Performance

On recent trading day, FIBK stock opened at $32.77. The stock's price has ranged between a one-year low of $22.89 and a high of $34.53, giving First Interstate BancSystem a market capitalization of $3.43 billion. With a PE ratio of 14.37 and a beta of 0.81, the company maintains a debt-to-equity ratio of 0.92, and both its quick and current ratios stand at 0.79. Additionally, the stock's fifty-day moving average is $30.75, while the 200-day moving average is $29.06.

First Interstate BancSystem recently announced its quarterly earnings on October 24th, revealing an EPS of $0.54. This result fell short of the consensus estimate of $0.58 by $0.04. The company reported a net margin of 17.22% and a return on equity of 7.57%. In the same quarter of the previous year, earnings per share were reported at $0.70. Analysts predict that the company will post 2.29 EPS for the current financial year.

Dividend Announcement from First Interstate BancSystem

In addition, the company has declared a quarterly dividend to be paid on November 14th. Shareholders who are on record as of November 4th will receive a dividend payment of $0.47 per share, indicating an annualized dividend total of $1.88 and a dividend yield of 5.74%. The ex-dividend date is also set for November 4th. Notably, First Interstate BancSystem's dividend payout ratio is 82.46%.

Market Analysts’ Opinions

Market analysts have provided varying ratings for FIBK shares. Barclays has downgraded its rating from "equal weight" to "underweight," lowering the price target from $32.00 to $30.00. Meanwhile, DA Davidson has raised its price target to $34.00, with a rating of "neutral." Keefe, Bruyette & Woods adjusted its price objective from $29.00 to $31.00, maintaining a "market perform" rating. StockNews.com downgraded the shares from a "hold" to a "sell" rating. Additionally, Piper Sandler reduced its price target from $38.00 to $36.00, while keeping the stock rated as "overweight." In summary, three analysts suggest a sell, two recommend holding, and two advise buying. MarketBeat reports that First Interstate BancSystem currently holds a consensus rating of "Hold" and a consensus price target of $32.50.

About First Interstate BancSystem

First Interstate BancSystem, Inc. serves as the bank holding company for First Interstate Bank, offering a broad array of banking products and services across the United States. Its offerings include traditional deposit products such as checking, savings, and time deposits, as well as repurchase agreements primarily targeting commercial and municipal depositors.

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