Fmr LLC Acquires 1,778,269 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

FMR LLC raised its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 35.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,786,334 shares of the financial services provider's stock after purchasing an additional 1,778,269 shares during the period. FMR LLC owned 6.49% of First Interstate BancSystem worth $220,352,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in First Interstate BancSystem during the 4th quarter worth about $69,000. KBC Group NV increased its holdings in First Interstate BancSystem by 34.1% in the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock worth $130,000 after purchasing an additional 1,022 shares in the last quarter. Cibc World Markets Corp acquired a new position in First Interstate BancSystem in the fourth quarter valued at approximately $241,000. FourThought Financial Partners LLC bought a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $242,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter worth approximately $273,000. Institutional investors own 88.71% of the company's stock.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the business's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares of the company's stock, valued at approximately $46,068,688.16. The trade was a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.90% of the company's stock.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock traded up $0.16 during trading hours on Thursday, reaching $26.16. The company had a trading volume of 168,884 shares, compared to its average volume of 634,107. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The firm has a market cap of $2.73 billion, a PE ratio of 11.91 and a beta of 0.81. The business has a fifty day simple moving average of $28.79 and a 200 day simple moving average of $31.22.

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 EPS for the quarter, beating the consensus estimate 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, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.19%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's payout ratio is 85.84%.

Analyst Upgrades and Downgrades

FIBK has been the topic of several research analyst reports. Wells Fargo & Company cut their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 9th. Barclays cut their price target on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a report on Tuesday, April 8th. Piper Sandler cut their target price on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. DA Davidson restated a "buy" rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Finally, StockNews.com raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $35.00.

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.