Intech Investment Management LLC Purchases Shares of 17,204 First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Intech Investment Management LLC acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,204 shares of the financial services provider's stock, valued at approximately $528,000.

Several other institutional investors have also recently made changes to their positions in the company. CWM LLC increased its stake in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock worth $87,000 after buying an additional 430 shares during the period. Innealta Capital LLC acquired a new stake in First Interstate BancSystem in the 2nd quarter worth approximately $106,000. nVerses Capital LLC boosted its stake in First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider's stock worth $114,000 after purchasing an additional 3,300 shares in the last quarter. Telos Capital Management Inc. acquired a new stake in First Interstate BancSystem in the 3rd quarter worth approximately $201,000. Finally, Washington Trust Bank acquired a new stake in First Interstate BancSystem during the 2nd quarter valued at approximately $204,000. Institutional investors own 88.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FIBK shares. Piper Sandler cut their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a report on Monday, October 28th. Wells Fargo & Company lowered shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. DA Davidson upgraded shares of First Interstate BancSystem from a "neutral" rating to a "buy" rating and increased their price target for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. Barclays downgraded First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Finally, StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem currently has a consensus rating of "Hold" and a consensus price target of $33.83.

First Interstate BancSystem Stock Down 0.2 %

FIBK stock traded down $0.06 during mid-day trading on Monday, hitting $34.91. The stock had a trading volume of 452,650 shares, compared to its average volume of 673,876. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a 1-year low of $24.16 and a 1-year high of $36.77. The company has a fifty day moving average of $32.02 and a 200 day moving average of $29.85. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 15.31 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 last year, the business posted $0.70 earnings per share. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 5.39%. First Interstate BancSystem's payout ratio is currently 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. This trade represents a 7.45 % 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. Also, Director Jonathan R. Scott sold 6,500 shares of the 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 sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,837 shares of company stock valued at $1,839,583. Company 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.