First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,812 shares of the financial services provider’s stock after selling 1,716 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in First Interstate BancSystem were worth $2,040,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in shares of First Interstate BancSystem by 97.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock valued at $975,000 after buying an additional 15,649 shares during the period. Jane Street Group LLC lifted 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 valued at $5,770,000 after buying an additional 22,899 shares during the period. Barclays PLC lifted its holdings in shares of First Interstate BancSystem by 18.6% in the 3rd quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after buying an additional 32,298 shares during the period. Harbor Capital Advisors Inc. increased 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 purchasing an additional 141,128 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in 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 worth $50,020,000 after purchasing an additional 654,688 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FIBK. Piper Sandler reduced their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. UBS Group began coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price objective for the company. Stephens reduced their price objective on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Finally, DA Davidson reaffirmed a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $36.14.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the transaction, the director now directly owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 6.90% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $31.13 on Friday. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 14.22 and a beta of 0.85. The business has a fifty day moving average of $32.45 and a 200-day moving average of $31.78. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were paid a $0.47 dividend. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a yield of 6.04%. First Interstate BancSystem’s payout ratio is currently 85.84%.

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.