Mesirow Institutional Investment Management Inc. Acquires 59,615 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Mesirow Institutional Investment Management Inc. increased its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 496,889 shares of the financial services provider's stock after purchasing an additional 59,615 shares during the period. First Interstate BancSystem makes up about 1.2% of Mesirow Institutional Investment Management Inc.'s portfolio, making the stock its 22nd biggest holding. Mesirow Institutional Investment Management Inc. owned approximately 0.48% of First Interstate BancSystem worth $16,134,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted 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 buying an additional 587,975 shares in the last quarter. FMR LLC increased its position in First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock worth $220,352,000 after acquiring an additional 1,778,269 shares during the period. Franklin Resources Inc. raised its stake in First Interstate BancSystem by 2.7% in the 4th quarter. Franklin Resources Inc. now owns 5,474,757 shares of the financial services provider's stock worth $177,765,000 after purchasing an additional 145,842 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Interstate BancSystem by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,045,741 shares of the financial services provider's stock valued at $163,836,000 after purchasing an additional 138,050 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of First Interstate BancSystem by 3.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider's stock worth $95,360,000 after purchasing an additional 107,774 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FIBK shares. Piper Sandler cut their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. DA Davidson reiterated a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report 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 cut their price objective on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research report on Wednesday, April 9th. Finally, Stephens decreased their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Two research 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $35.00.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK traded up $0.89 during midday trading on Wednesday, reaching $27.71. 866,402 shares of the company were exchanged, compared to its average volume of 637,542. The stock's 50-day moving average price is $28.29 and its 200-day moving average price is $31.13. The stock has a market cap of $2.90 billion, a P/E ratio of 12.65 and a beta of 0.81. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 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%. On average, sell-side analysts anticipate 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. Stockholders of record on Monday, February 10th were issued 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 6.78%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.84%.

Insider Activity at First Interstate BancSystem

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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.90% of the stock is currently owned by company insiders.

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.