Bank of New York Mellon Corp Has $25.74 Million Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Bank of New York Mellon Corp trimmed its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.7% in the fourth quarter, HoldingsChannel reports. The firm owned 792,571 shares of the financial services provider’s stock after selling 30,164 shares during the period. Bank of New York Mellon Corp’s holdings in First Interstate BancSystem were worth $25,735,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FIBK. Jennison Associates LLC grew its holdings 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. Harbor Capital Advisors Inc. grew its stake in shares of 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 worth $4,595,000 after acquiring an additional 141,128 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in First Interstate BancSystem by 100.0% in 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 in the last quarter. Wellington Management Group LLP boosted its stake in shares of First Interstate BancSystem by 6.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after buying an additional 78,596 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in First Interstate BancSystem in the third quarter worth $2,362,000. 88.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several research reports. Keefe, Bruyette & Woods lifted their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler cut their price target 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 upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Monday, March 3rd. DA Davidson reiterated a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Finally, Barclays raised their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Two equities research 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 MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.14.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $28.94 on Monday. 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, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77. The company has a 50-day simple moving average of $31.89 and a two-hundred day simple moving average of $31.90. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 13.21 and a beta of 0.84.

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

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were given a dividend of $0.47 per share. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 6.50%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 85.84%.

Insiders Place Their Bets

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were 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 $46,068,688.16. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.90% of the stock is owned by insiders.

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.