NFJ Investment Group LLC Has $3.32 Million Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

NFJ Investment Group LLC lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 15.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 108,047 shares of the financial services provider's stock after selling 19,535 shares during the quarter. NFJ Investment Group LLC owned 0.10% of First Interstate BancSystem worth $3,315,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of FIBK. Price T Rowe Associates Inc. MD lifted its stake in shares of First Interstate BancSystem by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider's stock worth $1,413,000 after purchasing an additional 2,940 shares in the last quarter. CWM LLC lifted its stake in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock worth $87,000 after purchasing an additional 430 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of First Interstate BancSystem by 79.5% during the second quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider's stock worth $500,000 after purchasing an additional 7,979 shares in the last quarter. SteelPeak Wealth LLC acquired a new position in shares of First Interstate BancSystem during the second quarter worth about $241,000. Finally, Leeward Investments LLC MA lifted its stake in shares of First Interstate BancSystem by 5.6% during the second quarter. Leeward Investments LLC MA now owns 657,946 shares of the financial services provider's stock worth $18,271,000 after purchasing an additional 34,817 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company's stock in a transaction that occurred 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 in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the company's stock in a transaction that occurred 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. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,837 shares of company stock worth $1,839,583. Company insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays lowered First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $32.00 to $30.00 in a research report on Thursday, October 31st. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the company an "underweight" rating in a report on Tuesday. Piper Sandler lowered their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a report on Monday, October 28th. Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the company a "market perform" rating in a report on Wednesday. Finally, StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Thursday, November 28th. Two 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 data from MarketBeat, First Interstate BancSystem currently has a consensus rating of "Hold" and a consensus target price of $35.00.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK traded down $0.10 during trading on Wednesday, hitting $34.21. 235,116 shares of the company traded hands, compared to its average volume of 671,227. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 15.04 and a beta of 0.84. The business's fifty day moving average is $32.09 and its 200-day moving average is $29.90. First Interstate BancSystem, Inc. has a one year low of $24.16 and a one year 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 the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the prior year, the business earned $0.70 EPS. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.50%. First Interstate BancSystem's dividend payout ratio is presently 82.46%.

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.