Vanguard Group Inc. Buys 533,293 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Vanguard Group Inc. increased its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 6.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,180,595 shares of the financial services provider’s stock after acquiring an additional 533,293 shares during the quarter. Vanguard Group Inc. owned about 8.83% of First Interstate BancSystem worth $282,303,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC raised its position in shares of First Interstate BancSystem by 132.8% during the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 530 shares during the period. Wolverine Asset Management LLC acquired a new stake in First Interstate BancSystem during the 4th quarter worth approximately $39,000. Parallel Advisors LLC lifted its stake in First Interstate BancSystem by 205.3% in the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after buying an additional 856 shares in the last quarter. CWM LLC boosted its holdings in shares of First Interstate BancSystem by 42.1% in 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 during the period. Finally, Nisa Investment Advisors LLC increased its position in shares of First Interstate BancSystem by 99.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,870 shares of the financial services provider’s stock worth $150,000 after acquiring an additional 2,430 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

Insider Activity at First Interstate BancSystem

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

Analyst Upgrades and Downgrades

FIBK has been the topic of several research reports. Stephens reaffirmed an “overweight” rating and issued a $32.00 price objective on shares of First Interstate BancSystem in a research report on Monday, June 24th. TheStreet cut First Interstate BancSystem from a “b-” rating to a “c+” rating in a research report on Monday, March 18th. Piper Sandler lifted their target price on First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Monday, June 24th. Finally, Barclays lifted their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $30.20.

First Interstate BancSystem Stock Up 3.9 %

NASDAQ:FIBK opened at $27.77 on Monday. First Interstate BancSystem, Inc. has a twelve month low of $20.81 and a twelve month high of $32.54. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 11.06 and a beta of 0.82. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. The stock’s 50 day moving average price is $26.80 and its two-hundred day moving average price is $27.30.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. The business had revenue of $242.20 million for the quarter, compared to the consensus estimate of $236.80 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were issued a $0.47 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.77%. First Interstate BancSystem’s payout ratio is 74.90%.

First Interstate BancSystem Company 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.