Fmr LLC Reduces Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Fmr LLC cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 28.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,008,065 shares of the financial services provider’s stock after selling 1,983,591 shares during the period. Fmr LLC’s holdings in First Interstate BancSystem were worth $153,647,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. CWM LLC increased its position in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares in the last quarter. Innealta Capital LLC purchased a new stake in First Interstate BancSystem in the second quarter valued at approximately $106,000. nVerses Capital LLC boosted its holdings in shares of First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the period. Telos Capital Management Inc. purchased a new position in shares of First Interstate BancSystem during the third quarter worth approximately $201,000. Finally, Washington Trust Bank purchased a new position in First Interstate BancSystem during the 2nd quarter worth $204,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the sale, the insider now owns 635,069 shares in the company, valued at $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem 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 completion of the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock valued at $1,839,583 in the last three months. Corporate insiders own 6.90% of the company’s stock.

First Interstate BancSystem Trading Down 1.7 %

FIBK stock opened at $34.31 on Wednesday. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 15.05 and a beta of 0.84. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The business has a fifty day simple moving average of $32.09 and a 200-day simple moving average of $29.90. First Interstate BancSystem, Inc. has a 52 week low of $24.16 and a 52 week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period last year, the business posted $0.70 earnings per share. On average, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is 82.46%.

Analysts Set New Price Targets

FIBK has been the topic of a number of recent research reports. Piper Sandler dropped their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their target price for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. Stephens restated an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, Wells Fargo & Company upped their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $34.17.

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.