AXQ Capital LP Invests $531,000 in First Interstate BancSystem, Inc. $FIBK

AXQ Capital LP purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 15,335 shares of the financial services provider’s stock, valued at approximately $531,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FIBK. AQR Capital Management LLC raised its stake in shares of First Interstate BancSystem by 37.2% during the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock worth $1,926,000 after purchasing an additional 18,210 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of First Interstate BancSystem by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock worth $1,353,000 after purchasing an additional 2,070 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of First Interstate BancSystem during the 1st quarter worth about $238,000. Jones Financial Companies Lllp raised its stake in shares of First Interstate BancSystem by 24,352.5% during the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after purchasing an additional 24,596 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of First Interstate BancSystem during the 1st quarter worth about $5,125,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FIBK has been the subject of a number of recent research reports. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Tuesday, May 19th. Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. UBS Group increased their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a report on Friday, May 1st. Finally, Wells Fargo & Company increased their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a report on Monday, March 30th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.00.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $34.34 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 11.19 and a beta of 0.76. The business’s 50-day simple moving average is $34.58 and its 200-day simple moving average is $35.01. First Interstate BancSystem, Inc. has a 52 week low of $25.81 and a 52 week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter in the prior year, the firm posted $0.49 EPS. As a group, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 5.5%. First Interstate BancSystem’s dividend payout ratio (DPR) is 61.24%.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.