Villere ST Denis J & Co. LLC Reduces Stake in First Interstate BancSystem

Villere ST Denis J & Co. LLC has decreased its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% in the third quarter, as reported in a recent 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 16,625 shares during this period, the fund now holds a total of 558,489 shares in the financial services company. At the end of the most recent quarter, Villere ST Denis J & Co. LLC owned around 0.53% of First Interstate BancSystem, with its stake valued at approximately $17,134,000.

In addition to Villere ST Denis J & Co. LLC, several other hedge funds have also altered their positions in First Interstate BancSystem stock. TNF LLC increased its stake by 1.5% during the third quarter, acquiring an additional 367 shares to own a total of 25,376 shares, valued at $812,000. Wealth Enhancement Advisory Services LLC saw a larger growth of 20.3%, boosting its holdings to 12,874 shares valued at $395,000 after purchasing 2,169 additional shares. Likewise, Mount Yale Investment Advisors LLC established a new position in First Interstate BancSystem, valued at $311,000.

Hennion & Walsh Asset Management Inc. increased its position by 5.3%, now owning 10,136 shares valued at $311,000 after buying 507 shares in the last quarter. Furthermore, Altus Wealth Group LLC grew its stake by 21.4%, now possessing 24,512 shares worth $752,000, following an uptick of 4,316 shares. Overall, hedge funds and institutional investors collectively own approximately 88.71% of the company’s stock.

Current Stock Performance

As of Friday, FIBK stock opened at $32.77, showing a relatively stable performance. Over the past year, it has experienced a low of $22.89 and a high of $34.53. First Interstate BancSystem has a market capitalization of $3.43 billion, a PE ratio of 14.37, and a beta of 0.81. The financial metrics include a debt-to-equity ratio of 0.92, a quick ratio of 0.79, and a current ratio of 0.79. The company's fifty-day moving average is $30.75, and the two-hundred-day moving average stands at $29.06.

In terms of earnings, First Interstate BancSystem last reported quarterly data on October 24th, revealing an earnings per share (EPS) of $0.54 for the quarter, which was below the expectation of $0.58. The company's net margin was recorded at 17.22%, with a return on equity of 7.57%. For the fiscal year, analysts anticipate that the firm will post an EPS of 2.29.

Dividend Announcement

Recently, the company announced a quarterly dividend set to be paid on November 14th. Shareholders who are on record as of November 4th will receive a dividend of $0.47 per share. This dividend results in an annual payout of $1.88, which corresponds to a dividend yield of 5.74%. The ex-dividend date for this payout is also November 4th, and First Interstate BancSystem has a dividend payout ratio of 82.46%.

Analyst Opinions

Wall Street analysts have shared various opinions regarding First Interstate BancSystem. Barclays has downgraded its rating from "equal weight" to "underweight," lowering the price target from $32.00 to $30.00. DA Davidson, however, raised its price target from $27.00 to $34.00 and assigned a "neutral" rating. Similarly, Keefe, Bruyette & Woods increased their price target from $29.00 to $31.00 while maintaining a "market perform" rating. In contrast, StockNews.com downgraded the shares from a "hold" rating to a "sell" rating. Finally, Piper Sandler has reduced its price objective from $38.00 to $36.00, rating the stock as "overweight." Overall, there are three sell ratings, two hold ratings, and two buy ratings for First Interstate BancSystem, giving it a consensus rating of "Hold" and an average price target of $32.50.

About First Interstate BancSystem

First Interstate BancSystem, Inc. serves as the bank holding company for First Interstate Bank, which offers a variety of banking products and services across the United States. The company provides traditional depository products such as checking and savings accounts, as well as time deposits and repurchase agreements primarily aimed at commercial and municipal depositors.

Villere, BancSystem, Stocks