Peregrine Capital Management LLC Has $6.38 Million Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Peregrine Capital Management LLC lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 196,466 shares of the financial services provider’s stock after selling 7,195 shares during the period. Peregrine Capital Management LLC’s holdings in First Interstate BancSystem were worth $6,379,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new stake in First Interstate BancSystem in the third quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in First Interstate BancSystem in the third quarter worth $69,000. KBC Group NV increased its position in First Interstate BancSystem by 34.1% during the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after buying an additional 1,022 shares during the last quarter. CWM LLC raised its holdings in First Interstate BancSystem by 65.0% during the third quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock valued at $158,000 after buying an additional 2,029 shares in the last quarter. Finally, Telos Capital Management Inc. acquired a new stake in shares of First Interstate BancSystem in the third quarter worth about $201,000. Institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FIBK. Piper Sandler cut their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. UBS Group began coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. Stephens dropped their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Finally, DA Davidson reaffirmed a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $36.14.

First Interstate BancSystem Trading Up 0.2 %

First Interstate BancSystem stock opened at $32.75 on Wednesday. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 14.95 and a beta of 0.85. The business has a 50 day moving average price of $32.61 and a two-hundred day moving average price of $31.69. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Monday, February 10th will be issued a $0.47 dividend. The ex-dividend date is Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.74%. First Interstate BancSystem’s payout ratio is presently 85.84%.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John M. Heyneman, Jr. sold 1,335 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares in the company, valued at $46,068,688.16. This represents a 0.09 % decrease in their position. The disclosure for this sale can be found here. 6.90% of the stock is owned by corporate 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.