Illinois Municipal Retirement Fund Invests $1.56 Million in First Interstate BancSystem, Inc. $FIBK

Illinois Municipal Retirement Fund acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 46,764 shares of the financial services provider’s stock, valued at approximately $1,562,000.

A number of other large investors have also bought and sold shares of FIBK. Eurizon Capital SGR S.p.A. acquired a new stake in First Interstate BancSystem during the 4th quarter worth approximately $25,000. Kestra Advisory Services LLC acquired a new position in shares of First Interstate BancSystem in the fourth quarter valued at approximately $29,000. EverSource Wealth Advisors LLC boosted its holdings 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 valued at $43,000 after buying an additional 862 shares during the period. First Horizon Corp increased its position in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 455 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of First Interstate BancSystem during the third quarter worth $52,000. 88.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Wells Fargo & Company increased their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. DA Davidson downgraded First Interstate BancSystem from a “buy” rating to a “neutral” rating and dropped their price target for the company from $41.00 to $39.00 in a research note on Wednesday, May 27th. Piper Sandler cut their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Finally, Barclays boosted their price target on First Interstate BancSystem from $36.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.33.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the sale, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares of the company’s stock, valued at $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 32,392 shares of company stock valued at $1,161,552. Company insiders own 8.00% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $38.97 on Wednesday. The company’s fifty day simple moving average is $36.93 and its 200-day simple moving average is $35.96. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market cap of $3.79 billion, a PE ratio of 12.69 and a beta of 0.76. First Interstate BancSystem, Inc. has a 12 month low of $27.60 and a 12 month high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $5.10 million during the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same quarter in the prior year, the company posted $0.49 earnings per share. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio is currently 61.24%.

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.