Rice Hall James & Associates LLC Acquires New Position in First Interstate BancSystem, Inc. $FIBK

Rice Hall James & Associates LLC bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 99,913 shares of the financial services provider’s stock, valued at approximately $3,853,000. Rice Hall James & Associates LLC owned about 0.10% of First Interstate BancSystem at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. AQR Capital Management LLC raised its holdings in shares of First Interstate BancSystem by 37.2% in the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock worth $1,926,000 after buying an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Interstate BancSystem by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock valued at $1,353,000 after buying an additional 2,070 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of First Interstate BancSystem during the first quarter valued at $238,000. Jones Financial Companies Lllp increased its position in shares of First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock valued at $708,000 after acquiring an additional 24,596 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of First Interstate BancSystem in the 1st quarter valued at $5,125,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the transaction, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold 32,392 shares of company stock valued at $1,161,552 over the last three months. 8.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on FIBK shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. DA Davidson reissued a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Finally, Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $36.83.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $38.89 on Tuesday. The stock has a 50-day simple moving average of $38.10 and a two-hundred day simple moving average of $36.15. The firm has a market capitalization of $3.71 billion, a P/E ratio of 11.97 and a beta of 0.76. First Interstate BancSystem, Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The business had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. During the same quarter in the previous year, the firm posted $0.69 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 4.8%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

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.