Raymond James Financial Inc. Makes New $10.45 Million Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Raymond James Financial Inc. acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 321,873 shares of the financial services provider’s stock, valued at approximately $10,451,000.

Other hedge funds have also modified their holdings of the company. KBC Group NV raised its position in First Interstate BancSystem by 34.1% in the 4th 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 during the last quarter. Point72 DIFC Ltd purchased a new position in First Interstate BancSystem during the 3rd quarter worth $34,000. Rhumbline Advisers increased its stake in First Interstate BancSystem by 1.4% in 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 during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First Interstate BancSystem in the third quarter valued at about $69,000. Finally, Keybank National Association OH boosted its stake in shares of First Interstate BancSystem by 39.1% during the fourth quarter. Keybank National Association OH now owns 9,912 shares of the financial services provider’s stock worth $322,000 after buying an additional 2,787 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Down 1.7 %

NASDAQ:FIBK opened at $28.63 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $24.16 and a 1 year high of $36.77. 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 stock has a fifty day moving average price of $31.23 and a two-hundred day moving average price of $31.75. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 13.07 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.57%. First Interstate BancSystem’s payout ratio is 85.84%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FIBK shares. DA Davidson restated a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 30th. UBS Group assumed coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. Wells Fargo & Company increased their price target on First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. Stephens dropped their price objective on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Finally, Piper Sandler cut their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and a consensus price target of $36.14.

Insider Transactions at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares in the company, valued at $46,068,688.16. The trade was a 0.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.90% of the company’s stock.

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.