Vanguard Group Inc. Increases Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Vanguard Group Inc. lifted its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,229,785 shares of the financial services provider's stock after buying an additional 587,975 shares during the quarter. Vanguard Group Inc. owned approximately 8.83% of First Interstate BancSystem worth $299,691,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in First Interstate BancSystem by 309.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock worth $41,247,000 after purchasing an additional 960,372 shares during the period. Jennison Associates LLC raised its position in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock valued at $50,020,000 after buying an additional 654,688 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth $10,451,000. Harbor Capital Advisors Inc. boosted its position in shares of First Interstate BancSystem by 37,734.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider's stock worth $4,595,000 after acquiring an additional 141,128 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted 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 valued at $6,485,000 after purchasing an additional 105,670 shares during the last quarter. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Trading Up 9.0 %

Shares of NASDAQ:FIBK traded up $2.15 during trading hours on Wednesday, hitting $26.01. 2,352,677 shares of the company's stock traded hands, compared to its average volume of 629,854. The firm has a market capitalization of $2.72 billion, a P/E ratio of 11.88 and a beta of 0.81. The business has a fifty day moving average price of $29.55 and a 200-day moving average price of $31.40. First Interstate BancSystem, Inc. has a 1 year low of $22.96 and a 1 year high of $36.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data 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%. Equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business 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 7.23%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's dividend payout ratio is presently 85.84%.

Analysts Set New Price Targets

A number of brokerages recently commented on FIBK. UBS Group initiated coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They set a "neutral" rating and a $35.00 price target for the company. Wells Fargo & Company lowered their target price on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research report on Wednesday. Barclays cut their target price on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a report on Tuesday. Stephens decreased their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Finally, Piper Sandler reduced their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem presently has a consensus rating of "Hold" and an average target price of $35.00.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction 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. This trade represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 6.90% of the company's stock.

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.