Systematic Financial Management LP Invests $840,000 in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Systematic Financial Management LP bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 27,378 shares of the financial services provider's stock, valued at approximately $840,000.

A number of other hedge funds have also made changes to their positions in FIBK. Point72 DIFC Ltd bought a new position in shares of First Interstate BancSystem in the 3rd quarter worth about $34,000. Point72 Asset Management L.P. bought a new position in shares of First Interstate BancSystem during the third quarter valued at approximately $273,000. Hotchkis & Wiley Capital Management LLC raised its position 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 purchasing an additional 105,670 shares during the period. Holocene Advisors LP lifted its holdings in shares of First Interstate BancSystem by 14.0% in the 3rd quarter. Holocene Advisors LP now owns 74,469 shares of the financial services provider's stock worth $2,285,000 after purchasing an additional 9,150 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in First Interstate BancSystem during the 3rd quarter valued at approximately $69,000. Institutional investors and hedge funds own 88.71% of the company's stock.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock traded up $0.18 during trading hours on Friday, reaching $34.46. 437,784 shares of the company were exchanged, compared to its average volume of 570,242. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 15.11 and a beta of 0.84. The stock has a 50-day moving average of $32.35 and a 200 day moving average of $30.02.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) 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 quarter last year, the business posted $0.70 earnings per share. As a group, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 82.46%.

Insider Buying and Selling

In other news, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the transaction, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock worth $1,839,583 over the last ninety days. Company insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on FIBK shares. Stephens restated an "overweight" rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Keefe, Bruyette & Woods increased their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a "market perform" rating in a report on Wednesday. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Thursday, November 28th. Wells Fargo & Company increased 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. Finally, Barclays upped their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the company an "underweight" rating in a report on Thursday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of "Hold" and an average 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.