Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 17.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,675 shares of the financial services provider’s stock after buying an additional 3,576 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Interstate BancSystem were worth $657,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC raised its stake in First Interstate BancSystem by 42.1% during the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after buying an additional 702 shares in the last quarter. New York State Common Retirement Fund lifted its stake in First Interstate BancSystem by 3.2% during the fourth quarter. New York State Common Retirement Fund now owns 33,694 shares of the financial services provider’s stock worth $1,036,000 after purchasing an additional 1,050 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in First Interstate BancSystem by 22.3% in the fourth quarter. Victory Capital Management Inc. now owns 347,922 shares of the financial services provider’s stock worth $10,699,000 after purchasing an additional 63,486 shares during the period. Charles Schwab Investment Management Inc. increased its stake in First Interstate BancSystem by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock valued at $28,630,000 after purchasing an additional 42,580 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in shares of First Interstate BancSystem during the fourth quarter worth $402,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $746,029.71. Following the transaction, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the completion of the transaction, the director now directly owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 209,831 shares of First Interstate BancSystem stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the transaction, the insider now owns 879,869 shares in the company, valued at $22,251,887.01. The disclosure for this sale can be found here. In the last three months, insiders sold 239,880 shares of company stock valued at $6,069,480. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Stock Down 0.6 %

FIBK opened at $29.90 on Friday. The stock’s 50 day moving average price is $29.58 and its 200 day moving average price is $27.52. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $3.13 billion, a P/E ratio of 11.94 and a beta of 0.82. First Interstate BancSystem, Inc. has a 12 month low of $20.81 and a 12 month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. The company had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $246.07 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.34 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.29%. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barclays boosted their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. Piper Sandler restated an “overweight” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research report on Monday, August 26th. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $33.33.

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.