Vanguard Group Inc. Increases Position in First Interstate BancSystem, Inc. $FIBK

Vanguard Group Inc. increased its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 0.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,833,965 shares of the financial services provider’s stock after purchasing an additional 64,371 shares during the period. Vanguard Group Inc. owned 0.08% of First Interstate BancSystem worth $281,538,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. First Horizon Corp purchased a new stake in First Interstate BancSystem in the 3rd quarter worth $26,000. EverSource Wealth Advisors LLC boosted its stake in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares during the period. Jones Financial Companies Lllp grew its position in shares of First Interstate BancSystem by 1,485.1% during the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,500 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in First Interstate BancSystem during the 3rd quarter valued at approximately $75,000. Finally, State of Alaska Department of Revenue purchased a new position in First Interstate BancSystem in the 3rd quarter worth approximately $131,000. Institutional investors own 88.71% of the company’s stock.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the completion of the sale, the insider owned 224,460 shares in the company, valued at approximately $7,351,065. This trade represents a 4.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jonathan R. Scott sold 1,827 shares of First Interstate BancSystem stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total transaction of $67,452.84. Following the transaction, the insider directly owned 936,024 shares of the company’s stock, valued at approximately $34,558,006.08. This represents a 0.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,000 shares of company stock worth $509,815 in the last 90 days. 8.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. DA Davidson reaffirmed a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 29th. Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Barclays dropped their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Friday, January 30th. Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Sunday, February 15th. Finally, Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and a consensus target price of $38.17.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $34.61 on Friday. The firm has a fifty day simple moving average of $36.74 and a two-hundred day simple moving average of $33.83. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.56 billion, a P/E ratio of 11.73 and a beta of 0.80. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping the consensus estimate of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.The company had revenue of $205.10 million during the quarter, compared to analyst estimates of $256.89 million. During the same quarter last year, the business posted $0.50 earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. On average, analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 5.4%. First Interstate BancSystem’s payout ratio is currently 63.73%.

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.