Prudential Financial Inc. Has $1.28 Million Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Prudential Financial Inc. cut its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 57.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,419 shares of the financial services provider's stock after selling 53,300 shares during the period. Prudential Financial Inc.'s holdings in First Interstate BancSystem were worth $1,280,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets lifted its stake in First Interstate BancSystem by 97.0% during the third quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider's stock worth $975,000 after purchasing an additional 15,649 shares during the period. Jane Street Group LLC raised its holdings in shares of First Interstate BancSystem by 13.9% in the 3rd quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider's stock worth $5,770,000 after buying an additional 22,899 shares in the last quarter. Swiss National Bank raised its holdings in shares of First Interstate BancSystem by 0.5% in the 4th quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock worth $6,008,000 after buying an additional 1,000 shares in the last quarter. Barclays PLC lifted its position in shares of First Interstate BancSystem by 18.6% during the 3rd quarter. Barclays PLC now owns 206,213 shares of the financial services provider's stock worth $6,326,000 after buying an additional 32,298 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its stake in First Interstate BancSystem by 37,734.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider's stock valued at $4,595,000 after buying an additional 141,128 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FIBK has been the subject of several recent analyst reports. Stephens dropped their price objective on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a research note on Friday, January 31st. Piper Sandler dropped their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Monday, February 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. StockNews.com raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Monday, March 3rd. Finally, UBS Group began coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a "neutral" rating and a $35.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $35.00.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the 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 directly owns 1,414,886 shares in the company, valued at $46,068,688.16. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.90% of the stock is owned by company insiders.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK traded down $0.19 during trading on Friday, reaching $24.33. The company had a trading volume of 854,323 shares, compared to its average volume of 630,958. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $36.77. The business's 50 day moving average price is $29.25 and its 200-day moving average price is $31.32. The stock has a market cap of $2.54 billion, a PE ratio of 11.11 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share 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%. Analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 7.73%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.84%.

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.