abrdn plc Lowers Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

abrdn plc trimmed its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 19.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 593,169 shares of the financial services provider's stock after selling 140,175 shares during the quarter. abrdn plc owned about 0.57% of First Interstate BancSystem worth $19,260,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Jennison Associates LLC raised its stake in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after purchasing an additional 654,688 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in First Interstate BancSystem by 37,734.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider's stock worth $4,595,000 after buying an additional 141,128 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of First Interstate BancSystem by 100.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider's stock worth $6,485,000 after acquiring an additional 105,670 shares during the period. Wellington Management Group LLP lifted its stake in shares of First Interstate BancSystem by 6.5% in the 3rd 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 period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of First Interstate BancSystem in the third quarter valued at about $2,362,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FIBK. DA Davidson restated a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Piper Sandler reduced their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $29.00 to $30.00 and gave the stock an "underweight" rating in a report on Monday, February 3rd. Stephens reduced their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, January 31st. Finally, Keefe, Bruyette & Woods upped their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $36.14.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded down $0.66 during mid-day trading on Monday, reaching $32.20. The stock had a trading volume of 530,552 shares, compared to its average volume of 609,594. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The business has a 50-day simple moving average of $32.84 and a 200 day simple moving average of $31.65. The company has a market cap of $3.37 billion, a P/E ratio of 14.70 and a beta of 0.85.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Monday, February 10th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.84%. The ex-dividend date of this dividend is Monday, February 10th. First Interstate BancSystem's payout ratio is currently 85.85%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now directly owns 75,387 shares of the company's stock, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the sale, the insider now owns 613,019 shares of the company's stock, valued at approximately $20,720,042.20. This trade represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,617 shares of company stock worth $1,176,772. 6.90% of the stock is owned by insiders.

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.