South Dakota Investment Council Acquires 21,077 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

South Dakota Investment Council raised its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 44.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,244 shares of the financial services provider’s stock after buying an additional 21,077 shares during the period. South Dakota Investment Council owned 0.06% of First Interstate BancSystem worth $2,099,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. abrdn plc grew its position in First Interstate BancSystem by 8.4% during the 4th quarter. abrdn plc now owns 923,489 shares of the financial services provider’s stock worth $28,397,000 after acquiring an additional 71,839 shares during the last quarter. Wellington Management Group LLP raised its stake in First Interstate BancSystem by 11.3% during the 3rd quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock worth $70,547,000 after buying an additional 286,160 shares during the period. FMR LLC increased its holdings in First Interstate BancSystem by 0.4% during the 3rd quarter. FMR LLC now owns 6,451,758 shares of the financial services provider’s stock worth $160,907,000 after purchasing an additional 28,343 shares in the last quarter. American Century Companies Inc. increased its holdings in First Interstate BancSystem by 4.1% during the 3rd quarter. American Century Companies Inc. now owns 2,224,365 shares of the financial services provider’s stock worth $55,476,000 after purchasing an additional 87,039 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in 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 purchasing an additional 2,430 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Interstate BancSystem news, insider Lorrie F. Asker sold 1,921 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the sale, the insider now directly owns 6,909 shares in the company, valued at $179,979.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now directly owns 9,047 shares in the company, valued at $233,684.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Lorrie F. Asker sold 1,921 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the transaction, the insider now owns 6,909 shares of the company’s stock, valued at $179,979.45. The disclosure for this sale can be found here. Insiders sold 7,531 shares of company stock worth $197,645 over the last three months. Insiders own 6.90% of the company’s stock.

Analyst Upgrades and Downgrades

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

First Interstate BancSystem Trading Up 0.2 %

First Interstate BancSystem stock opened at $26.57 on Thursday. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $32.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.76 and a current ratio of 0.77. The stock has a market capitalization of $2.76 billion, a P/E ratio of 10.71 and a beta of 0.87. The stock has a 50-day simple moving average of $26.08 and a 200 day simple moving average of $26.66.

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

First Interstate BancSystem Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 19th. Shareholders of record on Friday, February 9th were given a dividend of $0.47 per share. 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. This represents a $1.88 annualized dividend and a yield of 7.08%. First Interstate BancSystem’s dividend payout ratio (DPR) is 75.81%.

First Interstate BancSystem 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.