Kennedy Capital Management LLC Makes New Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Kennedy Capital Management LLC acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 212,717 shares of the financial services provider's stock, valued at approximately $6,907,000. Kennedy Capital Management LLC owned 0.20% of First Interstate BancSystem at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Meeder Asset Management Inc. acquired a new position in First Interstate BancSystem during the 4th quarter valued at approximately $69,000. KBC Group NV boosted its stake in First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock worth $130,000 after purchasing an additional 1,022 shares during the last quarter. Cibc World Markets Corp acquired a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $241,000. FourThought Financial Partners LLC acquired a new position in shares of First Interstate BancSystem during the 4th quarter valued at about $242,000. Finally, Point72 Asset Management L.P. acquired a new position in First Interstate BancSystem in the third quarter valued at approximately $273,000. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded up $0.13 during trading hours on Thursday, reaching $26.13. 264,396 shares of the company were exchanged, compared to its average volume of 634,505. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 11.91 and a beta of 0.81. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 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 $28.79 and its two-hundred day moving average is $31.22.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping 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%. 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. Investors of record on Monday, February 10th were issued 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 7.20%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.84%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 9th. Barclays cut their price target on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a research note on Tuesday, April 8th. DA Davidson reaffirmed a "buy" rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler decreased 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 note on Monday, February 3rd. Finally, Stephens dropped 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $35.00.

Insider Activity

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of the business's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the transaction, the director now directly owns 1,414,886 shares in the company, valued at $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.90% of the company's stock.

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.