FourThought Financial Partners LLC Purchases New Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

FourThought Financial Partners LLC bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,774 shares of the financial services provider’s stock, valued at approximately $208,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FIBK. Victory Capital Management Inc. boosted its position in shares of First Interstate BancSystem by 22.3% in the 4th quarter. Victory Capital Management Inc. now owns 347,922 shares of the financial services provider’s stock worth $10,699,000 after purchasing an additional 63,486 shares in the last quarter. South Dakota Investment Council lifted its position in First Interstate BancSystem by 44.7% in the 4th quarter. South Dakota Investment Council now owns 68,244 shares of the financial services provider’s stock valued at $2,099,000 after acquiring an additional 21,077 shares in the last quarter. Wolverine Asset Management LLC bought a new position in First Interstate BancSystem in the 4th quarter valued at approximately $39,000. New York State Common Retirement Fund lifted its position in First Interstate BancSystem by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 33,694 shares of the financial services provider’s stock valued at $1,036,000 after acquiring an additional 1,050 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its position in First Interstate BancSystem by 26.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 153,691 shares of the financial services provider’s stock valued at $4,726,000 after acquiring an additional 32,102 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

FIBK stock traded up $0.28 during trading on Monday, reaching $27.92. The company’s stock had a trading volume of 143,796 shares, compared to its average volume of 812,830. First Interstate BancSystem, Inc. has a 1 year low of $20.81 and a 1 year high of $32.54. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $2.90 billion, a P/E ratio of 11.01 and a beta of 0.85. The company’s fifty day moving average is $26.19 and its 200-day moving average is $26.84.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 6.73%. First Interstate BancSystem’s payout ratio is presently 74.90%.

Insiders Place Their Bets

In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lorrie F. Asker sold 1,921 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,531 shares of company stock worth $197,645. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several analyst reports. Barclays upped their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Piper Sandler boosted their target price on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. Keefe, Bruyette & Woods boosted their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 26th. Finally, TheStreet lowered First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $30.20.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.