State Street Corp Trims Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

State Street Corp lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 4.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,904,181 shares of the financial services provider's stock after selling 189,256 shares during the quarter. State Street Corp owned about 3.73% of First Interstate BancSystem worth $119,780,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Systematic Financial Management LP acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter worth approximately $840,000. Point72 DIFC Ltd acquired a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at $34,000. Point72 Asset Management L.P. bought a new position in shares of First Interstate BancSystem in the 3rd quarter valued at $273,000. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of First Interstate BancSystem by 100.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider's stock worth $6,485,000 after buying an additional 105,670 shares in the last quarter. Finally, Holocene Advisors LP raised its holdings in shares of First Interstate BancSystem by 14.0% during the 3rd quarter. Holocene Advisors LP now owns 74,469 shares of the financial services provider's stock worth $2,285,000 after buying an additional 9,150 shares in the last quarter. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Up 0.0 %

Shares of First Interstate BancSystem stock traded up $0.01 on Friday, hitting $34.08. The company had a trading volume of 776,811 shares, compared to its average volume of 673,869. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 14.95 and a beta of 0.84. 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, Inc. has a 1 year low of $24.16 and a 1 year high of $36.77. The stock has a 50 day moving average of $32.79 and a 200-day moving average of $30.27.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the prior year, the firm earned $0.70 EPS. As a group, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a $0.47 dividend. The ex-dividend date was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.52%. First Interstate BancSystem's payout ratio is presently 82.46%.

Insider Activity

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the business's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock valued at $1,839,583 over the last three months. Corporate insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on FIBK. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a research report on Monday, October 28th. Stephens reiterated an "overweight" rating and set a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Thursday, November 28th. DA Davidson raised First Interstate BancSystem from a "neutral" rating to a "buy" rating and upped their target price for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the company an "underweight" rating in a research note on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and a consensus target price of $35.17.

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.