Intech Investment Management LLC Raises Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Intech Investment Management LLC grew its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 106.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,542 shares of the financial services provider’s stock after buying an additional 18,338 shares during the quarter. Intech Investment Management LLC’s holdings in First Interstate BancSystem were worth $1,154,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in shares of First Interstate BancSystem in the 3rd quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter worth $69,000. KBC Group NV lifted its stake in shares of First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,022 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth $241,000. Finally, FourThought Financial Partners LLC purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth $242,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on FIBK. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, February 3rd. Piper Sandler decreased their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Barclays upped their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research note on Thursday, December 5th. UBS Group began coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price target for the company. Finally, DA Davidson reiterated a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.14.

Insider Activity

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares of the company’s stock, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.90% of the company’s stock.

First Interstate BancSystem Stock Up 0.2 %

Shares of FIBK stock opened at $28.70 on Friday. The stock’s 50-day simple moving average is $31.20 and its 200-day simple moving average is $31.74. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $3.00 billion, a PE ratio of 13.11 and a beta of 0.84. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.55%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio is presently 85.84%.

First Interstate BancSystem Company Profile

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.