JPMorgan Chase & Co. Decreases Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

JPMorgan Chase & Co. cut its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 24.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,829,094 shares of the financial services provider’s stock after selling 902,429 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.71% of First Interstate BancSystem worth $86,797,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in First Interstate BancSystem by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after buying an additional 59,367 shares in the last quarter. Barclays PLC increased its position in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after buying an additional 32,298 shares during the period. Jane Street Group LLC boosted its position in shares of First Interstate BancSystem by 13.9% in the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after acquiring an additional 22,899 shares during the period. Wellington Management Group LLP grew its stake in First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after acquiring an additional 78,596 shares in the last quarter. Finally, Systematic Financial Management LP bought a new position in First Interstate BancSystem in the 3rd quarter valued at $840,000. Institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FIBK shares. UBS Group began coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price objective for the company. Barclays raised their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their price target for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Piper Sandler dropped their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upped their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.14.

First Interstate BancSystem Stock Down 1.6 %

FIBK opened at $31.96 on Friday. 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 business’s 50-day moving average price is $33.21 and its 200-day moving average price is $30.88. The company has a market cap of $3.34 billion, a P/E ratio of 14.02 and a beta of 0.84. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share 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 quarter in the previous year, the firm posted $0.70 EPS. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.88%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is currently 82.46%.

Insider Buying and Selling

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction on 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 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. Insiders sold a total of 54,837 shares of company stock valued at $1,839,583 over the last three months. Corporate insiders own 6.90% of the company’s stock.

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.