Bank of Montreal Can reduced its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 30.0% during the second quarter, Holdings Channel reports. The institutional investor owned 43,597 shares of the financial services provider’s stock after selling 18,666 shares during the period. Bank of Montreal Can’s holdings in First Interstate BancSystem were worth $1,622,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FIBK. Sei Investments Co. increased its stake in First Interstate BancSystem by 5.6% in the first quarter. Sei Investments Co. now owns 3,154 shares of the financial services provider’s stock worth $125,000 after buying an additional 168 shares in the last quarter. Fifth Third Bancorp acquired a new stake in First Interstate BancSystem during the first quarter worth $216,000. Stevens Capital Management LP acquired a new stake in First Interstate BancSystem during the first quarter worth $218,000. Advisors Asset Management Inc. increased its stake in First Interstate BancSystem by 829.0% in the first quarter. Advisors Asset Management Inc. now owns 6,029 shares of the financial services provider’s stock worth $239,000 after buying an additional 5,380 shares in the last quarter. Finally, Wrapmanager Inc. increased its stake in First Interstate BancSystem by 5.1% in the first quarter. Wrapmanager Inc. now owns 6,105 shares of the financial services provider’s stock worth $242,000 after buying an additional 297 shares in the last quarter. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) traded up 0.55% during trading on Wednesday, reaching $36.25. 40,672 shares of the company were exchanged. First Interstate BancSystem, Inc. has a 1-year low of $29.67 and a 1-year high of $45.35. The firm’s 50 day moving average is $36.77 and its 200 day moving average is $38.66. The firm has a market capitalization of $2.05 billion, a P/E ratio of 17.56 and a beta of 1.15.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. First Interstate BancSystem had a return on equity of 9.44% and a net margin of 21.08%. The company had revenue of $116.50 million for the quarter, compared to analyst estimates of $119.97 million. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post $2.29 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Wednesday, August 2nd were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, July 31st. This represents a $0.96 annualized dividend and a yield of 2.66%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 46.38%.

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A number of analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of First Interstate BancSystem from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. BidaskClub downgraded shares of First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods set a $43.00 target price on shares of First Interstate BancSystem and gave the stock a “hold” rating in a research report on Saturday, May 27th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $43.00 target price (down from $44.00) on shares of First Interstate BancSystem in a research report on Thursday, June 1st. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $41.00 target price on shares of First Interstate BancSystem in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $42.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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