JPMorgan Chase & Co. Buys 107,774 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

JPMorgan Chase & Co. raised its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 3.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,936,868 shares of the financial services provider's stock after purchasing an additional 107,774 shares during the period. JPMorgan Chase & Co. owned about 2.81% of First Interstate BancSystem worth $95,360,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of First Interstate BancSystem by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider's stock worth $299,691,000 after purchasing an additional 587,975 shares during the last quarter. Geode Capital Management LLC boosted its position 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 acquiring 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 fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock valued at $50,020,000 after buying an additional 654,688 shares during the period. Wellington Management Group LLP boosted its position 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 valued at $39,522,000 after purchasing an additional 78,596 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of First Interstate BancSystem by 309.9% during the fourth quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after buying an additional 960,372 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

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Insider Activity 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 shares were 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 in the company, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FIBK shares. StockNews.com upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Monday, March 3rd. DA Davidson reaffirmed a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 30th. UBS Group began coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $35.00 price target on the stock. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Finally, Stephens cut their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, January 31st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $36.14.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded down $0.92 during trading hours on Friday, reaching $24.72. 1,710,445 shares of the company were exchanged, compared to its average volume of 618,796. First Interstate BancSystem, Inc. has a fifty-two week low of $23.80 and a fifty-two week high of $36.77. 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's fifty day moving average is $30.54 and its two-hundred day moving average is $31.66. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 11.29 and a beta of 0.84.

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%. Sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 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, February 20th. Stockholders of record on Monday, February 10th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.61%. First Interstate BancSystem's dividend payout ratio is 85.84%.

About First Interstate BancSystem

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.