Trexquant Investment LP Acquires New Stake in First Interstate BancSystem, Inc. (FIBK)

Trexquant Investment LP acquired a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 15,500 shares of the financial services provider’s stock, valued at approximately $577,000.

A number of other hedge funds have also recently bought and sold shares of FIBK. Sei Investments Co. raised 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 during the period. Wrapmanager Inc. raised 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 during the period. American Century Companies Inc. raised its stake in First Interstate BancSystem by 0.6% in the first quarter. American Century Companies Inc. now owns 61,377 shares of the financial services provider’s stock worth $2,434,000 after buying an additional 359 shares during the period. Granite Investment Partners LLC raised its stake in First Interstate BancSystem by 1.4% in the first quarter. Granite Investment Partners LLC now owns 29,160 shares of the financial services provider’s stock worth $1,156,000 after buying an additional 416 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its stake in First Interstate BancSystem by 3.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 12,297 shares of the financial services provider’s stock worth $488,000 after buying an additional 432 shares during the period. 38.69% of the stock is currently owned by institutional investors.

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) opened at 35.45 on Friday. The company has a 50-day moving average of $36.75 and a 200-day moving average of $38.79. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 17.18 and a beta of 1.15. First Interstate BancSystem, Inc. has a 52-week low of $29.55 and a 52-week high of $45.35.

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

The company also recently announced a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Wednesday, August 2nd were issued 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 2.71%. First Interstate BancSystem’s payout ratio is 46.38%.

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A number of research firms recently weighed in on FIBK. BidaskClub lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Keefe, Bruyette & Woods set a $43.00 price objective on shares of First Interstate BancSystem and gave the stock a “hold” rating in a research report on Saturday, May 27th. Zacks Investment Research raised shares of First Interstate BancSystem from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, August 1st. Barclays PLC reissued an “overweight” rating and issued a $41.00 price objective on shares of First Interstate BancSystem in a research report on Tuesday, June 13th. Finally, Wells Fargo & Company raised shares of First Interstate BancSystem from a “market perform” rating to an “outperform” rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target 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.

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

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