State of New Jersey Common Pension Fund D Cuts Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

State of New Jersey Common Pension Fund D decreased its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 32.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,418 shares of the financial services provider’s stock after selling 34,192 shares during the period. State of New Jersey Common Pension Fund D owned about 0.07% of First Interstate BancSystem worth $1,983,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. TNF LLC lifted its stake in First Interstate BancSystem by 1.7% in the 2nd quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock worth $694,000 after purchasing an additional 410 shares in the last quarter. Caprock Group LLC grew its holdings in First Interstate BancSystem by 1.7% during the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 422 shares during the last quarter. CWM LLC grew its holdings in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares during the last quarter. Inspire Investing LLC grew its stake in First Interstate BancSystem by 4.6% in the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 570 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of First Interstate BancSystem by 28.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the period. 88.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. DA Davidson increased their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Stephens raised their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Barclays raised their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $33.33.

First Interstate BancSystem Stock Down 3.2 %

FIBK stock opened at $30.98 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 12.34 and a beta of 0.82. The company has a fifty day moving average price of $30.13 and a 200 day moving average price of $27.84. First Interstate BancSystem, Inc. has a 12 month low of $20.81 and a 12 month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. The business had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. During the same period in the prior year, the company posted $0.66 EPS. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.34 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a yield of 6.07%. 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.