Raymond James Financial Inc. Buys New Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Raymond James Financial Inc. acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 321,873 shares of the financial services provider's stock, valued at approximately $10,451,000. Raymond James Financial Inc. owned about 0.31% of First Interstate BancSystem as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its stake in First Interstate BancSystem by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider's stock worth $61,152,000 after buying an additional 59,367 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of First Interstate BancSystem by 73.9% in the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock valued at $50,020,000 after acquiring an additional 654,688 shares during the period. Wellington Management Group LLP grew its position in shares of First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider's stock worth $39,522,000 after acquiring an additional 78,596 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of First Interstate BancSystem by 309.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after acquiring an additional 960,372 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in First Interstate BancSystem by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider's stock valued at $35,937,000 after purchasing an additional 32,968 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

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First Interstate BancSystem Price Performance

NASDAQ:FIBK traded up $0.71 during trading hours on Monday, hitting $29.41. The company's stock had a trading volume of 598,305 shares, compared to its average volume of 596,999. First Interstate BancSystem, Inc. has a 52-week low of $24.16 and a 52-week high of $36.77. 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 business's 50-day moving average is $31.20 and its two-hundred day moving average is $31.75. The company has a market capitalization of $3.07 billion, a PE ratio of 13.43 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.39%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is 85.84%.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several research reports. DA Davidson reissued a "buy" rating and set a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $29.00 to $30.00 and gave the company an "underweight" rating in a research note on Monday, February 3rd. Stephens lowered their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. UBS Group initiated coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They set a "neutral" rating and a $35.00 price target for the company. Finally, Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $36.14.

Insider Buying and Selling

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

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.