KLP Kapitalforvaltning AS Buys New Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

KLP Kapitalforvaltning AS purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 19,145 shares of the financial services provider's stock, valued at approximately $622,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of First Interstate BancSystem by 3.1% during the third quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider's stock worth $61,152,000 after purchasing an additional 59,367 shares during the last quarter. Jennison Associates LLC lifted its position in First Interstate BancSystem by 73.9% during the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after buying an additional 654,688 shares in the last quarter. Wellington Management Group LLP grew its holdings in First Interstate BancSystem by 6.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider's stock worth $39,522,000 after acquiring an additional 78,596 shares during the last quarter. Victory Capital Management Inc. increased its position in First Interstate BancSystem by 309.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after acquiring an additional 960,372 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in First Interstate BancSystem by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider's stock valued at $35,937,000 after acquiring an additional 32,968 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

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First Interstate BancSystem Trading Down 3.6 %

Shares of First Interstate BancSystem stock traded down $0.92 during trading on Friday, hitting $24.72. 1,710,445 shares of the company were exchanged, compared to its average volume of 618,796. 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 firm has a market capitalization of $2.58 billion, a P/E ratio of 11.29 and a beta of 0.84. The firm's fifty day moving average price is $30.54 and its 200 day moving average price is $31.66. First Interstate BancSystem, Inc. has a 1-year low of $23.80 and a 1-year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 expect 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 paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 7.61%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's payout ratio is presently 85.84%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FIBK shares. UBS Group began coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They set a "neutral" rating and a $35.00 price target on the stock. Piper Sandler decreased their price objective on 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. Stephens dropped their target price on 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. Barclays raised their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the company an "underweight" rating in a report on Thursday, December 5th. Finally, DA Davidson reiterated a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Two research 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's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $36.14.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate 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.