Norges Bank Acquires New Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Norges Bank acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 743,348 shares of the financial services provider's stock, valued at approximately $24,137,000. Norges Bank owned about 0.71% of First Interstate BancSystem at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position 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 purchasing an additional 587,975 shares during the last quarter. JPMorgan Chase & Co. raised its stake in First Interstate BancSystem by 3.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider's stock valued at $95,360,000 after buying an additional 107,774 shares in the last quarter. Geode Capital Management LLC lifted its holdings in First Interstate BancSystem by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider's stock worth $61,152,000 after buying an additional 59,367 shares during the last quarter. Jennison Associates LLC grew its position in shares of First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after acquiring an additional 654,688 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of First Interstate BancSystem by 6.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider's stock valued at $39,522,000 after acquiring an additional 78,596 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FIBK has been the topic of several research analyst reports. StockNews.com upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Monday, March 3rd. Barclays reduced their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research report on Tuesday. Stephens lowered their price objective 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. Wells Fargo & Company cut their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday. Finally, DA Davidson reaffirmed a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $35.00.

First Interstate BancSystem Stock Performance

NASDAQ FIBK traded down $0.19 on Friday, hitting $24.33. The stock had a trading volume of 854,323 shares, compared to its average volume of 630,958. The company's 50-day moving average is $29.25 and its two-hundred day moving average is $31.32. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 11.11 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 issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 7.73%. The ex-dividend date was Monday, February 10th. First Interstate BancSystem's dividend payout ratio is currently 85.84%.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction that occurred on 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 owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 6.90% of the company's stock.

First Interstate BancSystem Company 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.