Charles Schwab Investment Management Inc. Raises Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Charles Schwab Investment Management Inc. boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.1% in the 4th quarter, HoldingsChannel reports. The fund owned 1,106,782 shares of the financial services provider’s stock after buying an additional 32,968 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in First Interstate BancSystem were worth $35,937,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FIBK. Jennison Associates LLC lifted its holdings in First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after buying an additional 654,688 shares during the period. Harbor Capital Advisors Inc. lifted its holdings 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 worth $4,595,000 after buying an additional 141,128 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings 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 buying an additional 105,670 shares during the period. Wellington Management Group LLP lifted its holdings in 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 period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in First Interstate BancSystem in the 3rd quarter worth approximately $2,362,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the transaction, the director now directly owns 1,414,886 shares in the company, valued at $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $28.85 on Monday. The company has a market capitalization of $3.02 billion, a PE ratio of 13.17 and a beta of 0.84. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average is $31.47 and its 200 day moving average is $31.82. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share 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%. Sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were given a $0.47 dividend. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 6.52%. First Interstate BancSystem’s payout ratio is 85.84%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FIBK. Keefe, Bruyette & Woods increased their target price on 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 decreased their target price on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Barclays increased their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research report on Thursday, December 5th. Wells Fargo & Company increased their target price on First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a research report on Monday, February 3rd. Finally, DA Davidson reaffirmed a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $36.14.

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.