Mitsubishi UFJ Trust & Banking Corp Reduces Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Mitsubishi UFJ Trust & Banking Corp cut its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 90.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,959 shares of the financial services provider’s stock after selling 28,997 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in First Interstate BancSystem were worth $96,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new position in First Interstate BancSystem in the 3rd quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in First Interstate BancSystem in the third quarter worth about $69,000. KBC Group NV boosted its position in First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock valued at $130,000 after acquiring an additional 1,022 shares in the last quarter. Cibc World Markets Corp purchased a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $241,000. Finally, FourThought Financial Partners LLC bought a new position in shares of First Interstate BancSystem in the 4th quarter worth approximately $242,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

FIBK has been the topic of several recent research reports. Piper Sandler reduced their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Stephens reduced their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Barclays lifted their price target on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.14.

First Interstate BancSystem Stock Up 1.2 %

NASDAQ FIBK opened at $28.72 on Thursday. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market cap of $3.00 billion, a PE ratio of 13.11 and a beta of 0.84. The stock’s 50 day moving average is $30.68 and its 200 day moving average is $31.70.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. Research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were given a $0.47 dividend. The ex-dividend date was Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.55%. First Interstate BancSystem’s dividend payout ratio is currently 85.84%.

Insider Activity at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares of the company’s stock, valued at $46,068,688.16. This represents a 0.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.90% of the stock is owned by corporate insiders.

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.