Kestra Investment Management LLC Buys New Shares in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Kestra Investment Management LLC bought a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 25,727 shares of the financial services provider's stock, valued at approximately $789,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in FIBK. Dimensional Fund Advisors LP lifted its stake in shares of First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider's stock valued at $127,204,000 after purchasing an additional 367,212 shares during the period. Jennison Associates LLC lifted its stake in shares of First Interstate BancSystem by 57.3% in the 3rd quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider's stock valued at $27,176,000 after purchasing an additional 322,578 shares during the period. Hantz Financial Services Inc. purchased a new position in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $3,003,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of First Interstate BancSystem in the 3rd quarter valued at approximately $2,362,000. Finally, Quest Partners LLC lifted its stake in shares of First Interstate BancSystem by 1,115.4% in the 3rd quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider's stock valued at $2,546,000 after purchasing an additional 76,169 shares during the period. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock remained flat at $34.97 on Monday. The company's stock had a trading volume of 91,144 shares, compared to its average volume of 672,278. The company has a market cap of $3.66 billion, a P/E ratio of 15.26 and a beta of 0.81. The company's 50 day moving average price is $31.93 and its two-hundred day moving average price is $29.80. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $36.77. 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 - Get Free Report) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem's payout ratio is 82.46%.

Insiders Place Their Bets

In related news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares of the company's stock, valued at $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares of the company's stock, valued at $2,600,851.50. The trade was a 7.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,837 shares of company stock valued at $1,839,583. Corporate insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

FIBK has been the subject of a number of research analyst reports. Stephens restated an "overweight" rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Thursday. Piper Sandler reduced their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a research report on Monday, October 28th. Barclays lowered First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Finally, DA Davidson raised First Interstate BancSystem from a "neutral" rating to a "buy" rating and raised their price objective for the company from $32.00 to $42.00 in a research report on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $33.83.

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.