New York State Teachers Retirement System Takes $683,000 Position in First Interstate BancSystem, Inc. $FIBK

New York State Teachers Retirement System acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 19,729 shares of the financial services provider’s stock, valued at approximately $683,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after purchasing an additional 1,214,454 shares during the period. Wellington Management Group LLP grew its position in shares of First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after purchasing an additional 1,003,021 shares during the period. Dimensional Fund Advisors LP grew its position in shares of First Interstate BancSystem by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock valued at $175,140,000 after purchasing an additional 78,835 shares during the period. State Street Corp grew its position in shares of First Interstate BancSystem by 2.3% in the second quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock valued at $116,735,000 after purchasing an additional 92,715 shares during the period. Finally, HoldCo Asset Management LP grew its position in shares of First Interstate BancSystem by 10.6% in the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after purchasing an additional 380,000 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

FIBK stock opened at $36.42 on Monday. The stock has a 50-day moving average price of $34.19 and a two-hundred day moving average price of $34.57. First Interstate BancSystem, Inc. has a 12-month low of $25.81 and a 12-month high of $39.26. 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 company has a market cap of $3.68 billion, a PE ratio of 11.86 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The firm had revenue of $41.10 million during the quarter, compared to the consensus estimate of $242.78 million. During the same quarter in the previous year, the business earned $0.49 earnings per share. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Monday, May 11th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Monday, May 11th. First Interstate BancSystem’s payout ratio is 61.24%.

Wall Street Analyst Weigh In

FIBK has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday, March 30th. 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. Barclays lowered their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Friday, January 30th. Piper Sandler lowered their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Finally, Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “strong sell” rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $37.33.

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.