Vanguard Group Inc. Purchases 587,975 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Vanguard Group Inc. raised its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 6.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,229,785 shares of the financial services provider’s stock after acquiring an additional 587,975 shares during the period. Vanguard Group Inc. owned approximately 8.83% of First Interstate BancSystem worth $299,691,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FIBK. Geode Capital Management LLC boosted 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 valued at $61,152,000 after purchasing an additional 59,367 shares during the period. Jennison Associates LLC lifted its holdings in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after buying an additional 654,688 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of First Interstate BancSystem by 6.5% in 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 during the period. Victory Capital Management Inc. grew its stake in shares of First Interstate BancSystem by 309.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider’s stock worth $41,247,000 after acquiring an additional 960,372 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in First Interstate BancSystem by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider’s stock worth $35,937,000 after acquiring an additional 32,968 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 3.6 %

NASDAQ FIBK opened at $24.72 on Friday. First Interstate BancSystem, Inc. has a 1-year low of $23.81 and a 1-year high of $36.77. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 11.29 and a beta of 0.84. The stock’s 50 day moving average is $30.38 and its two-hundred day moving average is $31.62. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. Equities analysts forecast that First Interstate BancSystem, Inc. will post 2.53 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, February 20th. Stockholders of record on Monday, February 10th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 7.61%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s payout ratio is 85.84%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FIBK shares. UBS Group began coverage on shares of First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price target for the company. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. DA Davidson restated a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 30th. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Piper Sandler decreased their price objective 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. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and a consensus target price of $36.14.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 1,414,886 shares of the company’s stock, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.90% of the stock is currently owned by corporate insiders.

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.