abrdn plc Grows Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

abrdn plc boosted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 8.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 923,489 shares of the financial services provider’s stock after buying an additional 71,839 shares during the quarter. abrdn plc’s holdings in First Interstate BancSystem were worth $28,397,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC raised its position in First Interstate BancSystem by 132.8% in the 4th quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after buying an additional 530 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $81,000. Signaturefd LLC increased its position in shares of First Interstate BancSystem by 22.0% during the 3rd quarter. Signaturefd LLC now owns 3,886 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 700 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of First Interstate BancSystem by 99.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,870 shares of the financial services provider’s stock worth $150,000 after acquiring an additional 2,430 shares during the period. Finally, Telos Capital Management Inc. bought a new position in shares of First Interstate BancSystem during the 4th quarter worth $205,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FIBK shares. Wells Fargo & Company increased their price target on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Barclays started coverage on First Interstate BancSystem in a research note on Friday, March 8th. They set an “equal weight” rating and a $28.00 price target for the company. Finally, TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and a consensus target price of $29.00.

First Interstate BancSystem Stock Up 2.0 %

Shares of NASDAQ FIBK opened at $26.11 on Tuesday. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $32.54. The business has a 50-day simple moving average of $26.02 and a two-hundred day simple moving average of $26.65. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. The company has a market cap of $2.71 billion, a P/E ratio of 10.53 and a beta of 0.87.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.47% and a net margin of 18.04%. The business had revenue of $252.30 million during the quarter, compared to the consensus estimate of $254.50 million. Research analysts anticipate that First Interstate BancSystem, Inc. will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 19th. Stockholders of record on Friday, February 9th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.20%. The ex-dividend date of this dividend was Thursday, February 8th. This is an increase from First Interstate BancSystem’s previous quarterly dividend of $0.20. First Interstate BancSystem’s dividend payout ratio (DPR) is 75.81%.

Insider Activity

In other news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Lorrie F. Asker sold 1,921 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the transaction, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the transaction, the executive vice president now directly owns 20,599 shares in the company, valued at $551,229.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,531 shares of company stock worth $197,645. 6.90% of the stock is currently owned by insiders.

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.