Bank of New York Mellon Corp Has $25.74 Million Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Bank of New York Mellon Corp lowered its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 792,571 shares of the financial services provider's stock after selling 30,164 shares during the period. Bank of New York Mellon Corp owned about 0.76% of First Interstate BancSystem worth $25,735,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Jennison Associates LLC lifted its stake in 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 valued at $50,020,000 after purchasing an additional 654,688 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings 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 valued at $4,595,000 after purchasing an additional 141,128 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in First Interstate BancSystem by 100.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider's stock valued at $6,485,000 after purchasing an additional 105,670 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 purchasing an additional 78,596 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of First Interstate BancSystem in the third quarter valued at $2,362,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

First Interstate BancSystem Price Performance

NASDAQ:FIBK traded down $0.20 during mid-day trading on Thursday, reaching $28.07. The stock had a trading volume of 416,336 shares, compared to its average volume of 598,861. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The stock has a market capitalization of $2.93 billion, a PE ratio of 12.82 and a beta of 0.84. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a 50-day simple moving average of $31.62 and a two-hundred day simple moving average of $31.84.

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 (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were given a dividend of $0.47 per share. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a yield of 6.70%. First Interstate BancSystem's dividend payout ratio is presently 85.84%.

Analyst Ratings Changes

Several equities analysts have recently commented on FIBK shares. StockNews.com upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Monday, March 3rd. Barclays increased their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an "underweight" rating in a research report on Thursday, December 5th. UBS Group started coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $35.00 target price for the company. Piper Sandler lowered their price target 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. Finally, Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the stock an "underweight" rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, First Interstate BancSystem currently has a consensus rating of "Hold" and a consensus target price of $36.14.

Insider Buying and Selling at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's 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 $46,068,688.16. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.