Vanguard Group Inc. Buys 64,371 Shares of First Interstate BancSystem, Inc. $FIBK

Vanguard Group Inc. boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 0.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,833,965 shares of the financial services provider’s stock after buying an additional 64,371 shares during the period. Vanguard Group Inc. owned approximately 8.42% of First Interstate BancSystem worth $281,538,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Inspire Investing LLC boosted 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 acquiring an additional 757 shares in the last quarter. Arizona State Retirement System raised its position in shares of First Interstate BancSystem by 3.0% in the 3rd quarter. Arizona State Retirement System now owns 26,369 shares of the financial services provider’s stock worth $840,000 after purchasing an additional 763 shares during the last quarter. Bayforest Capital Ltd raised its position in shares of First Interstate BancSystem by 11.9% in the 3rd quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider’s stock worth $230,000 after purchasing an additional 769 shares during the last quarter. First Horizon Corp bought a new position in First Interstate BancSystem in the 3rd quarter worth about $26,000. Finally, EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analysts Set New Price Targets

FIBK has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Monday, December 29th. Stephens cut First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods increased their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Wall Street Zen lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Sunday, February 15th. Finally, UBS Group reaffirmed a “neutral” rating and set a $38.00 price target on shares of First Interstate BancSystem in a report on Wednesday, February 4th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $38.17.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 3,173 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $36.20, for a total value of $114,862.60. Following the completion of the sale, the insider owned 937,851 shares in the company, valued at $33,950,206.20. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the completion of the transaction, the insider directly owned 224,460 shares in the company, valued at $7,351,065. This trade represents a 4.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,000 shares of company stock worth $509,815 over the last quarter. Insiders own 8.20% of the company’s stock.

First Interstate BancSystem Stock Performance

FIBK stock opened at $34.61 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.73 and a quick ratio of 0.72. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $39.26. The company has a market cap of $3.56 billion, a P/E ratio of 11.73 and a beta of 0.80. The stock’s fifty day moving average price is $36.74 and its 200-day moving average price is $33.83.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.First Interstate BancSystem’s revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. On average, equities analysts forecast 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 Friday, February 20th. Investors of record on Tuesday, February 10th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.4%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 63.73%.

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.