First Interstate BancSystem, Inc. (NASDAQ:FIBK) Holdings Raised by Northern Trust Corp

Northern Trust Corp lifted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 856,674 shares of the financial services provider’s stock after purchasing an additional 18,366 shares during the quarter. Northern Trust Corp owned about 0.82% of First Interstate BancSystem worth $27,816,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FIBK. Barclays PLC raised its stake in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after purchasing an additional 32,298 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of First Interstate BancSystem by 38.8% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 14,065 shares of the financial services provider’s stock valued at $457,000 after purchasing an additional 3,929 shares in the last quarter. KBC Group NV raised its stake in shares of First Interstate BancSystem by 34.1% during the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,022 shares in the last quarter. Jennison Associates LLC raised its stake 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 purchasing an additional 654,688 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of First Interstate BancSystem by 1.4% during the fourth quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock valued at $4,220,000 after purchasing an additional 1,785 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Trading Down 1.0%

Shares of FIBK opened at $26.97 on Monday. The business’s 50-day moving average price is $27.23 and its 200 day moving average price is $30.77. The stock has a market capitalization of $2.82 billion, a P/E ratio of 12.32 and a beta of 0.76. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The company had revenue of $42.00 million during the quarter, compared to analysts’ expectations of $253.50 million. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 EPS. 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 will be paid on Thursday, May 22nd. Investors of record on Monday, May 12th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.97%. First Interstate BancSystem’s dividend payout ratio is currently 89.10%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction dated 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 of the company’s stock, valued at $46,068,688.16. The trade was a 0.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FIBK has been the topic of a number of research analyst reports. Stephens lowered their target price on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Wells Fargo & Company lowered their target price on First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating on the stock in a report on Wednesday, April 9th. Piper Sandler lowered their target price on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Barclays lowered their target price on First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating on the stock in a report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.00.

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.