Verition Fund Management LLC Makes New Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Verition Fund Management LLC bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 11,065 shares of the financial services provider’s stock, valued at approximately $339,000.

A number of other institutional investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after acquiring an additional 367,212 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of First Interstate BancSystem by 1.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after purchasing an additional 32,348 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of First Interstate BancSystem by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock valued at $32,945,000 after purchasing an additional 52,919 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in First Interstate BancSystem by 1.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock valued at $24,648,000 after buying an additional 11,493 shares during the period. Finally, Jennison Associates LLC lifted its position in First Interstate BancSystem by 57.3% in the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock worth $27,176,000 after buying an additional 322,578 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $34.08 on Friday. 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 company has a market capitalization of $3.56 billion, a PE ratio of 14.95 and a beta of 0.84. The company has a 50 day moving average price of $32.70 and a 200-day moving average price of $30.19. 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 issued its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the previous year, the firm earned $0.70 earnings per share. As a group, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.52%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is 82.46%.

Insider Activity

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the transaction, the insider now directly owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on FIBK. StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Tuesday, December 3rd. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Piper Sandler cut their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Finally, Barclays raised their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research note on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $35.17.

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.