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

Rice Hall James & Associates LLC lifted its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 25.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 106,808 shares of the financial services provider’s stock after buying an additional 21,663 shares during the quarter. Rice Hall James & Associates LLC owned approximately 0.10% of First Interstate BancSystem worth $3,696,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FIBK. Capital International Investors purchased a new stake in shares of First Interstate BancSystem in the 4th quarter valued at $92,504,000. State Street Corp raised its holdings in shares of First Interstate BancSystem by 29.7% in the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after buying an additional 1,254,321 shares during the period. Vanguard Group Inc. raised its holdings in shares of First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after buying an additional 1,214,454 shares during the period. Azora Capital LP raised its holdings in shares of First Interstate BancSystem by 1,538.7% in the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock valued at $40,656,000 after buying an additional 1,197,843 shares during the period. Finally, Norges Bank purchased a new stake in shares of First Interstate BancSystem in the 4th quarter valued at $38,029,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Up 0.2%

FIBK opened at $36.52 on Wednesday. First Interstate BancSystem, Inc. has a one year low of $25.81 and a one year high of $39.26. The company has a market cap of $3.55 billion, a P/E ratio of 11.90 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The business’s 50-day simple moving average is $35.09 and its 200-day simple moving average is $35.32.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 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 business had revenue of $5.10 million for the quarter, compared to the consensus estimate of $242.78 million. During the same quarter in the prior year, the business posted $0.49 EPS. As a group, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors 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 yield of 5.1%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 61.24%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the business’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. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FIBK has been the topic of several recent research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 15th. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Wells Fargo & Company upped their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Finally, 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. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.00.

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.