Intech Investment Management LLC Increases Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Intech Investment Management LLC grew its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 106.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,542 shares of the financial services provider's stock after purchasing an additional 18,338 shares during the period. Intech Investment Management LLC's holdings in First Interstate BancSystem were worth $1,154,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FIBK. BNP Paribas Financial Markets increased its holdings in First Interstate BancSystem by 97.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider's stock worth $975,000 after buying an additional 15,649 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of First Interstate BancSystem by 13.9% during the 3rd quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider's stock valued at $5,770,000 after acquiring an additional 22,899 shares during the last quarter. Barclays PLC grew its stake in shares of First Interstate BancSystem by 18.6% in the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider's stock worth $6,326,000 after acquiring an additional 32,298 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of First Interstate BancSystem by 37,734.8% during the fourth 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. Finally, Jennison Associates LLC lifted its position in First Interstate BancSystem by 73.9% during 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 purchasing an additional 654,688 shares during the period. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Performance

Shares of FIBK stock traded down $0.05 during trading hours on Wednesday, reaching $29.25. 354,472 shares of the company traded hands, compared to its average volume of 594,561. The firm has a 50-day moving average price of $31.13 and a 200 day moving average price of $31.75. The company has a market cap of $3.06 billion, a P/E ratio of 13.36 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. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77.

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 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%. As a group, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Monday, February 10th were paid a $0.47 dividend. The ex-dividend date was Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 6.43%. First Interstate BancSystem's payout ratio is presently 85.84%.

Insider Buying and Selling at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the stock in a transaction dated 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 sale, the director now owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

FIBK has been the subject of a number of research reports. DA Davidson reiterated a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 30th. StockNews.com upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Monday, March 3rd. Wells Fargo & Company raised their target price on First Interstate BancSystem from $29.00 to $30.00 and gave the stock an "underweight" rating in a research report on Monday, February 3rd. Stephens reduced their price target 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. Finally, Barclays raised their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an "underweight" rating in a report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of "Hold" and a consensus target price of $36.14.

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.