Nisa Investment Advisors LLC Cuts Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Nisa Investment Advisors LLC cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBKFree Report) by 88.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,440 shares of the financial services provider’s stock after selling 18,160 shares during the period. Nisa Investment Advisors LLC’s holdings in First Interstate BancSystem were worth $61,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in First Interstate BancSystem by 2.3% during the third quarter. Vanguard Group Inc. now owns 8,723,142 shares of the financial services provider’s stock valued at $351,979,000 after buying an additional 192,944 shares during the period. BlackRock Inc. boosted its position in First Interstate BancSystem by 61.3% during the first quarter. BlackRock Inc. now owns 8,710,578 shares of the financial services provider’s stock valued at $320,287,000 after buying an additional 3,311,462 shares during the period. Macquarie Group Ltd. boosted its position in First Interstate BancSystem by 2.1% during the second quarter. Macquarie Group Ltd. now owns 5,691,848 shares of the financial services provider’s stock valued at $216,936,000 after buying an additional 118,736 shares during the period. State Street Corp boosted its position in First Interstate BancSystem by 152.8% during the first quarter. State Street Corp now owns 4,344,413 shares of the financial services provider’s stock valued at $159,744,000 after buying an additional 2,626,221 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in First Interstate BancSystem by 9.9% during the second quarter. JPMorgan Chase & Co. now owns 3,404,497 shares of the financial services provider’s stock valued at $81,163,000 after buying an additional 307,373 shares during the period. 78.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Homer Scott Jr Trust, Homer Sc sold 1,000,000 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $32.14, for a total value of $32,140,000.00. Following the completion of the transaction, the insider now directly owns 950,753 shares of the company’s stock, valued at $30,557,201.42. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $28.42, for a total transaction of $284,200.00. Following the completion of the transaction, the insider now owns 1,149,700 shares of the company’s stock, valued at $32,674,474. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Homer Scott Jr Trust, Homer Sc sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.14, for a total transaction of $32,140,000.00. Following the transaction, the insider now directly owns 950,753 shares of the company’s stock, valued at approximately $30,557,201.42. The disclosure for this sale can be found here. Insiders sold a total of 1,020,000 shares of company stock valued at $32,686,100 over the last three months. Corporate insiders own 6.80% of the company’s stock.

First Interstate BancSystem Price Performance

FIBK stock opened at $29.19 on Wednesday. First Interstate BancSystem, Inc. has a 1 year low of $20.81 and a 1 year high of $37.69. The company has a market cap of $3.06 billion, a P/E ratio of 10.77 and a beta of 0.89. The firm has a 50-day moving average of $29.14 and a 200 day moving average of $26.75. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.75 and a quick ratio of 0.75.

Analysts Set New Price Targets

Several brokerages have recently commented on FIBK. TheStreet raised shares of First Interstate BancSystem from a “c” rating to a “b-” rating in a research note on Wednesday, December 13th. StockNews.com began coverage on shares of First Interstate BancSystem in a research note on Thursday, October 5th. They set a “sell” rating for the company. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of First Interstate BancSystem in a research note on Wednesday, October 4th. Finally, Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.00.

Check Out Our Latest Stock Report on First Interstate BancSystem

About First Interstate BancSystem

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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