First Interstate BancSystem, Inc. $FIBK Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 7.1% in the second quarter, HoldingsChannel.com reports. The fund owned 2,179,093 shares of the financial services provider’s stock after purchasing an additional 144,800 shares during the period. Geode Capital Management LLC’s holdings in First Interstate BancSystem were worth $62,809,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of First Interstate BancSystem by 186.5% in the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 647 shares during the period. Quarry LP lifted its stake in First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after buying an additional 450 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in First Interstate BancSystem in the 2nd quarter worth about $186,000. Quantbot Technologies LP purchased a new stake in First Interstate BancSystem during the 1st quarter worth approximately $215,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of First Interstate BancSystem during the first quarter valued at approximately $238,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $30.99, for a total value of $309,900.00. Following the transaction, the insider directly owned 234,460 shares in the company, valued at approximately $7,265,915.40. This represents a 4.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jonathan R. Scott sold 4,800 shares of First Interstate BancSystem stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $31.27, for a total transaction of $150,096.00. Following the completion of the sale, the insider owned 941,024 shares of the company’s stock, valued at $29,425,820.48. This trade represents a 0.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 51,800 shares of company stock worth $1,641,583. 8.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FIBK shares. DA Davidson lifted their price target on First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Barclays raised their price objective on First Interstate BancSystem from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Wednesday, October 8th. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Finally, UBS Group boosted their price target on shares of First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.57.

First Interstate BancSystem Stock Up 2.7%

Shares of NASDAQ FIBK opened at $31.42 on Monday. The company has a market capitalization of $3.23 billion, a P/E ratio of 13.26 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The company has a 50 day simple moving average of $31.74 and a 200-day simple moving average of $30.20. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $204.70 million during the quarter, compared to analyst estimates of $254.71 million. First Interstate BancSystem had a return on equity of 7.30% and a net margin of 16.04%.During the same period in the prior year, the business posted $0.54 earnings per share. On average, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Monday, November 10th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Monday, November 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 79.32%.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.