Hennion & Walsh Asset Management Inc. Increases Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Hennion & Walsh Asset Management Inc. lifted its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBKFree Report) by 38.8% in the 4th quarter, Holdings Channel reports. The firm owned 14,065 shares of the financial services provider’s stock after acquiring an additional 3,929 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in First Interstate BancSystem were worth $457,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FIBK. Dimensional Fund Advisors LP raised its stake in shares of First Interstate BancSystem by 8.7% in 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 purchasing an additional 367,212 shares during the last quarter. Jennison Associates LLC raised its stake in shares of 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 purchasing an additional 322,578 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of First Interstate BancSystem by 37,734.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after purchasing an additional 141,128 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in shares of First Interstate BancSystem by 100.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock worth $6,485,000 after purchasing an additional 105,670 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of 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. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FIBK. Barclays boosted 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. Keefe, Bruyette & Woods upped their price objective on 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. Wells Fargo & Company reduced their price objective on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Stephens reiterated 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, DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their price objective for the company from $32.00 to $42.00 in a research report on Tuesday, November 26th. 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, the stock has a consensus rating of “Hold” and an average price target of $35.00.

Read Our Latest Stock Analysis on First Interstate BancSystem

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $32.54 on Tuesday. The stock has a 50-day simple moving average of $33.23 and a two-hundred day simple moving average of $31.37. First Interstate BancSystem, Inc. has a 52-week low of $24.16 and a 52-week 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 firm has a market capitalization of $3.40 billion, a PE ratio of 14.27 and a beta of 0.85.

First Interstate BancSystem (NASDAQ:FIBKGet Free Report) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (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 period in the prior year, the business posted $0.70 EPS. Analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared 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 5.78%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction dated 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 owns 613,019 shares of the company’s stock, valued at $20,720,042.20. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value 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 trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,837 shares of company stock valued at $1,839,583. Company insiders own 6.90% of the company’s stock.

About First Interstate BancSystem

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding FIBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Interstate BancSystem, Inc. (NASDAQ:FIBKFree Report).

Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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