Louisiana State Employees Retirement System Invests $1.30 Million in First Interstate BancSystem, Inc. $FIBK

Louisiana State Employees Retirement System purchased a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 39,000 shares of the financial services provider’s stock, valued at approximately $1,303,000.

Other hedge funds have also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. purchased a new stake in First Interstate BancSystem during the fourth quarter worth $25,000. Kestra Advisory Services LLC acquired a new stake in First Interstate BancSystem in the fourth quarter valued at $29,000. First Horizon Corp increased its position in shares of First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after buying an additional 455 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after buying an additional 862 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after buying an additional 516 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Piper Sandler reduced their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $37.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $39.15 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.80 billion, a P/E ratio of 12.75 and a beta of 0.76. First Interstate BancSystem, Inc. has a 52-week low of $27.60 and a 52-week high of $39.65. The stock’s fifty day simple moving average is $36.06 and its 200-day simple moving average is $35.67.

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

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. First Interstate BancSystem’s payout ratio is 61.24%.

Insider Transactions at First Interstate BancSystem

In other 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 shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the transaction, the insider owned 488,359 shares of the company’s stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the sale, the insider owned 862,128 shares in the company, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 32,392 shares of company stock valued at $1,161,552. Insiders own 8.00% of the company’s stock.

About First Interstate BancSystem

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.