Charles Schwab Investment Management Inc. Acquires 32,968 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Charles Schwab Investment Management Inc. increased its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,106,782 shares of the financial services provider's stock after acquiring an additional 32,968 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.06% of First Interstate BancSystem worth $35,937,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FIBK. Geode Capital Management LLC raised 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 period. Jennison Associates LLC lifted its holdings in shares of First Interstate BancSystem by 73.9% in the 4th 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 in the last quarter. Wellington Management Group LLP grew its position in 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 valued at $39,522,000 after purchasing an additional 78,596 shares during the period. Fisher Asset Management LLC increased its stake in First Interstate BancSystem by 17.2% during the 3rd quarter. Fisher Asset Management LLC now owns 319,000 shares of the financial services provider's stock valued at $9,787,000 after purchasing an additional 46,747 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its stake in First Interstate BancSystem by 3.2% during the 3rd quarter. Eagle Asset Management Inc. now owns 314,625 shares of the financial services provider's stock valued at $10,310,000 after purchasing an additional 9,795 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

FIBK has been the subject of a number of analyst reports. Barclays lifted their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an "underweight" rating in a report on Thursday, December 5th. Wells Fargo & Company lifted their price target 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. DA Davidson reissued a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Keefe, Bruyette & Woods lifted their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Finally, Piper Sandler lowered their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $36.14.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK traded down $0.50 during trading on Thursday, reaching $28.63. The company's stock had a trading volume of 314,067 shares, compared to its average volume of 593,232. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 13.15 and a beta of 0.84. The firm has a 50 day moving average of $31.30 and a 200-day moving average of $31.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share 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%. Research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.57%. The ex-dividend date was Monday, February 10th. First Interstate BancSystem's dividend payout ratio is currently 85.84%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the completion of the transaction, the director now directly owns 1,414,886 shares of the company's stock, valued at approximately $46,068,688.16. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.90% of the stock is currently owned by company insiders.

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.