JPMorgan Chase & Co. Sells 902,429 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

JPMorgan Chase & Co. reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 24.2% during the third quarter, HoldingsChannel reports. The fund owned 2,829,094 shares of the financial services provider’s stock after selling 902,429 shares during the period. JPMorgan Chase & Co.’s holdings in First Interstate BancSystem were worth $86,797,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after buying an additional 367,212 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of First Interstate BancSystem by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after purchasing an additional 32,348 shares during the last quarter. Geode Capital Management LLC lifted its position in First Interstate BancSystem by 3.1% during the third quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after purchasing an additional 59,367 shares during the period. Wellington Management Group LLP boosted its holdings in First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after purchasing an additional 78,596 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in First Interstate BancSystem by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after purchasing an additional 52,919 shares during the period. 88.71% of the stock is currently owned by institutional investors.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now directly owns 958,710 shares in the company, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares of the company’s stock, valued at $20,817,561.82. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on FIBK. 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. Piper Sandler cut their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods upped their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. Finally, Stephens reaffirmed an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Hold” and an average target price of $35.14.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $31.96 on Friday. 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, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 14.02 and a beta of 0.84. The company’s 50 day moving average is $33.21 and its two-hundred day moving average is $30.88.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.88%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

About First Interstate BancSystem

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.