First Interstate BancSystem, Inc. (NASDAQ:FIBK) Position Boosted by Northern Trust Corp

Northern Trust Corp raised its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.2% during the 4th quarter, HoldingsChannel reports. The fund owned 856,674 shares of the financial services provider’s stock after purchasing an additional 18,366 shares during the period. Northern Trust Corp’s holdings in First Interstate BancSystem were worth $27,816,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Meeder Asset Management Inc. acquired a new stake in shares of First Interstate BancSystem during the 4th quarter valued at about $69,000. Covestor Ltd lifted its holdings in shares of First Interstate BancSystem by 25.8% during the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock valued at $81,000 after buying an additional 510 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of First Interstate BancSystem by 826.3% during the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock valued at $81,000 after buying an additional 2,231 shares during the last quarter. KBC Group NV lifted its holdings in shares of 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 buying an additional 1,022 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new stake in shares of First Interstate BancSystem during the 4th quarter valued at about $241,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Insider Transactions 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Stephens reduced their price target on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Wells Fargo & Company reduced their price target on First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating for the company in a report on Wednesday, April 9th. DA Davidson reiterated a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler reduced their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Down 1.0%

FIBK opened at $26.97 on Monday. The business has a 50 day moving average price of $27.23 and a 200 day moving average price of $30.77. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month 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 cap of $2.82 billion, a P/E ratio of 12.32 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The company had revenue of $42.00 million during the quarter, compared to analyst estimates of $253.50 million. During the same quarter last year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.97%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 89.10%.

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.