Oppenheimer Asset Management Inc. Makes New Investment in First Interstate BancSystem, Inc. $FIBK

Oppenheimer Asset Management Inc. purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,285 shares of the financial services provider’s stock, valued at approximately $519,000.

Several other large investors have also modified their holdings of the stock. HoldCo Asset Management LP acquired a new stake in shares of First Interstate BancSystem during the second quarter worth $102,890,000. Norges Bank purchased a new position in First Interstate BancSystem in the 2nd quarter worth about $29,082,000. Balyasny Asset Management L.P. raised its holdings in First Interstate BancSystem by 102.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,155,811 shares of the financial services provider’s stock worth $33,310,000 after buying an additional 585,531 shares during the period. Jump Financial LLC purchased a new stake in First Interstate BancSystem during the second quarter valued at about $5,273,000. Finally, Jane Street Group LLC purchased a new stake in First Interstate BancSystem during the first quarter valued at about $5,125,000. 88.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. DA Davidson restated a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday, January 29th. Stephens downgraded shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Piper Sandler increased their target price on First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Finally, Barclays dropped their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.17.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 30,432 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the sale, the director directly owned 1,414,636 shares in the company, valued at approximately $43,896,155.08. The trade was a 2.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan R. Scott sold 1,827 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total value of $67,452.84. Following the transaction, the insider owned 936,024 shares in the company, valued at approximately $34,558,006.08. This trade represents a 0.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 45,432 shares of company stock worth $1,454,120. Corporate insiders own 8.20% of the company’s stock.

First Interstate BancSystem Stock Up 0.9%

FIBK opened at $37.66 on Monday. The company has a market capitalization of $3.87 billion, a PE ratio of 12.77 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.73 and a quick ratio of 0.72. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $39.26. The business has a 50-day moving average of $36.46 and a 200-day moving average of $33.33.

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

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Tuesday, February 10th will be issued a $0.47 dividend. The ex-dividend date is Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.0%. First Interstate BancSystem’s dividend payout ratio is currently 63.73%.

First Interstate BancSystem Profile

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.