First Trust Advisors LP Boosts Stake in First Interstate BancSystem, Inc. $FIBK

First Trust Advisors LP lifted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 214.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,197,557 shares of the financial services provider’s stock after acquiring an additional 817,235 shares during the period. First Trust Advisors LP owned approximately 1.18% of First Interstate BancSystem worth $39,998,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FIBK. SG Americas Securities LLC raised its position in First Interstate BancSystem by 180.6% during the fourth quarter. SG Americas Securities LLC now owns 75,583 shares of the financial services provider’s stock valued at $2,615,000 after purchasing an additional 48,648 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of First Interstate BancSystem in the 1st quarter worth about $1,303,000. State of Alaska Department of Revenue boosted its holdings in shares of First Interstate BancSystem by 1,104.9% in the 4th quarter. State of Alaska Department of Revenue now owns 49,857 shares of the financial services provider’s stock worth $1,724,000 after purchasing an additional 45,719 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of First Interstate BancSystem during the 4th quarter valued at about $2,127,000. Finally, Villere ST Denis J & Co. LLC increased its position in shares of First Interstate BancSystem by 15.1% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider’s stock valued at $20,943,000 after purchasing an additional 82,117 shares during the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FIBK. Wells Fargo & Company boosted their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Piper Sandler reduced their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. UBS Group boosted their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.33.

First Interstate BancSystem Stock Down 0.9%

FIBK opened at $37.76 on Tuesday. First Interstate BancSystem, Inc. has a 12 month low of $27.60 and a 12 month high of $40.60. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The business’s 50-day moving average price is $37.24 and its 200-day moving average price is $36.03. The company has a market cap of $3.67 billion, a P/E ratio of 11.62 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The company had revenue of $99.10 million during the quarter, compared to analysts’ expectations of $249.32 million. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be issued a $0.47 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider directly owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the sale, the insider directly owned 488,359 shares of the company’s stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by insiders.

First Interstate BancSystem Company 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.