Picton Mahoney Asset Management Takes Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Picton Mahoney Asset Management acquired a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 13,048 shares of the financial services provider’s stock, valued at approximately $402,000.

A number of other institutional investors also recently modified their holdings of FIBK. Global Retirement Partners LLC increased its holdings in First Interstate BancSystem by 132.8% in the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 530 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter valued at $39,000. CWM LLC lifted its position in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 702 shares during the period. Headlands Technologies LLC bought a new position in First Interstate BancSystem during the third quarter worth $81,000. Finally, Signaturefd LLC grew its holdings in First Interstate BancSystem by 22.0% in the third quarter. Signaturefd LLC now owns 3,886 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 700 shares during the period. 88.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FIBK. Stephens reiterated an “overweight” rating and set a $32.00 price objective on shares of First Interstate BancSystem in a report on Thursday, April 25th. 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 report on Wednesday, April 10th. TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, April 26th. Finally, Piper Sandler lifted their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $30.20.

Insider Activity

In related 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 value of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other First Interstate BancSystem 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 value of $50,042.05. Following the sale, the insider now owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Trading Up 0.8 %

NASDAQ FIBK opened at $27.86 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $2.90 billion, a P/E ratio of 11.10 and a beta of 0.85. The business has a fifty day simple moving average of $26.28 and a 200 day simple moving average of $26.91. First Interstate BancSystem, Inc. has a 12 month low of $20.81 and a 12 month high of $32.54.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 6.75%. The ex-dividend date is Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 74.90%.

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.