North Reef Capital Management LP Buys New Position in First Interstate BancSystem, Inc. $FIBK

North Reef Capital Management LP purchased a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the third quarter, Holdings Channel.com reports. The fund purchased 850,000 shares of the financial services provider’s stock, valued at approximately $27,090,000. First Interstate BancSystem comprises 1.3% of North Reef Capital Management LP’s portfolio, making the stock its 17th largest position.

Several other large investors have also added to or reduced their stakes in the stock. Alliancebernstein L.P. raised its holdings in First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after purchasing an additional 397 shares in the last quarter. Inspire Investing LLC lifted its holdings in First Interstate BancSystem by 5.6% in the third quarter. Inspire Investing LLC now owns 14,239 shares of the financial services provider’s stock worth $454,000 after buying an additional 757 shares during the period. Arizona State Retirement System boosted its position in First Interstate BancSystem by 3.0% during the 3rd quarter. Arizona State Retirement System now owns 26,369 shares of the financial services provider’s stock valued at $840,000 after acquiring an additional 763 shares in the last quarter. Bayforest Capital Ltd boosted its position in First Interstate BancSystem by 11.9% during the 3rd quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider’s stock valued at $230,000 after acquiring an additional 769 shares in the last quarter. Finally, First Horizon Corp purchased a new position in shares of First Interstate BancSystem during the 3rd quarter worth approximately $26,000. Institutional investors own 88.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings upgraded First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Barclays decreased their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Friday, January 30th. Piper Sandler boosted their target price on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. UBS Group reiterated a “neutral” rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research note on Wednesday, February 4th. Finally, DA Davidson reissued a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.17.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $33.22 on Tuesday. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $39.26. The stock’s 50-day moving average is $36.44 and its 200 day moving average is $34.09. The company has a market cap of $3.42 billion, a P/E ratio of 11.26 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The business had revenue of $205.10 million during the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm’s revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s payout ratio is 63.73%.

Insider Buying and Selling

In related news, major shareholder Jonathan R. Scott sold 1,827 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the completion of the sale, the insider owned 936,024 shares of the company’s stock, valued at $34,558,006.08. This represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is owned by insiders.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.