JPMorgan Chase & Co. Has $56.94 Million Stock Position in First Interstate BancSystem, Inc. $FIBK

JPMorgan Chase & Co. lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 16.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,786,566 shares of the financial services provider’s stock after selling 361,588 shares during the period. JPMorgan Chase & Co.’s holdings in First Interstate BancSystem were worth $56,938,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Corp acquired a new position in shares of First Interstate BancSystem during the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the period. Jones Financial Companies Lllp increased its stake in First Interstate BancSystem by 1,485.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,500 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in First Interstate BancSystem during the third quarter worth $75,000. Finally, State of Alaska Department of Revenue acquired a new position in First Interstate BancSystem during the third quarter worth $131,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Up 2.2%

Shares of NASDAQ:FIBK opened at $36.34 on Thursday. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $39.26. The company has a market capitalization of $3.74 billion, a PE ratio of 12.32 and a beta of 0.80. The business has a fifty day moving average price of $36.74 and a two-hundred day moving average price of $33.74. 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 (NASDAQ:FIBK) last released its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 EPS. Analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s payout ratio is presently 63.73%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FIBK. Keefe, Bruyette & Woods lifted their price objective on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Barclays dropped their price target on shares of 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. Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. UBS Group restated a “neutral” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Wednesday, February 4th. Finally, Piper Sandler lifted their target price on First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, First Interstate BancSystem has a consensus rating of “Hold” and a consensus price target of $38.17.

Insider Buying and Selling

In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $36.20, for a total value of $114,862.60. Following the transaction, the insider owned 937,851 shares in the company, valued at approximately $33,950,206.20. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the transaction, the insider directly owned 224,460 shares of the company’s stock, valued at approximately $7,351,065. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,000 shares of company stock valued at $509,815 over the last three months. Insiders own 8.20% of the company’s stock.

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.