HighTower Advisors LLC Decreases Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

HighTower Advisors LLC reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,217 shares of the financial services provider’s stock after selling 504 shares during the period. HighTower Advisors LLC’s holdings in First Interstate BancSystem were worth $429,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FIBK. Geode Capital Management LLC grew its stake in First Interstate BancSystem by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock worth $61,152,000 after buying an additional 59,367 shares during the last quarter. Jennison Associates LLC raised its position in First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock valued at $50,020,000 after purchasing an additional 654,688 shares during the last quarter. Wellington Management Group LLP boosted its stake in First Interstate BancSystem by 6.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after purchasing an additional 78,596 shares during the period. Victory Capital Management Inc. grew its position in First Interstate BancSystem by 309.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider’s stock worth $41,247,000 after purchasing an additional 960,372 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in First Interstate BancSystem by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider’s stock valued at $35,937,000 after purchasing an additional 32,968 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FIBK has been the topic of a number of research reports. Piper Sandler lowered their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Barclays increased their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, February 3rd. Finally, UBS Group initiated coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $36.14.

Insider Buying and Selling

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were 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 approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.90% of the stock is currently owned by insiders.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $28.65 on Tuesday. The firm’s fifty day simple moving average is $30.84 and its 200-day simple moving average is $31.74. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market cap of $2.99 billion, a PE ratio of 13.08 and a beta of 0.84. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share 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%. Analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 6.56%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s payout ratio is currently 85.84%.

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.