First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stock Position Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 792,571 shares of the financial services provider’s stock after selling 30,164 shares during the period. Bank of New York Mellon Corp owned approximately 0.76% of First Interstate BancSystem worth $25,735,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allied Investment Advisors LLC boosted its holdings in shares of First Interstate BancSystem by 32.0% in the fourth quarter. Allied Investment Advisors LLC now owns 13,480 shares of the financial services provider’s stock worth $438,000 after buying an additional 3,270 shares during the period. New York State Common Retirement Fund lifted its position in shares of First Interstate BancSystem by 14.0% in the 4th quarter. New York State Common Retirement Fund now owns 26,866 shares of the financial services provider’s stock valued at $872,000 after acquiring an additional 3,300 shares in the last quarter. Kestra Investment Management LLC boosted its stake in First Interstate BancSystem by 105.1% in the 4th quarter. Kestra Investment Management LLC now owns 52,757 shares of the financial services provider’s stock worth $1,713,000 after purchasing an additional 27,030 shares during the period. Rhumbline Advisers grew its position in First Interstate BancSystem by 1.4% during the 4th quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock worth $4,220,000 after purchasing an additional 1,785 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in First Interstate BancSystem by 73.9% during 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 period. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Up 0.1 %

FIBK stock opened at $28.94 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $3.03 billion, a P/E ratio of 13.21 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. The business has a 50-day moving average of $31.89 and a 200-day moving average of $31.90.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, sell-side analysts anticipate 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. Shareholders of record on Monday, February 10th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 6.50%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio is presently 85.84%.

Analysts Set New Price Targets

Several research firms have weighed in on FIBK. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. Piper Sandler dropped their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Barclays upped their price target on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research note on Thursday, December 5th. Finally, StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Monday, March 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 company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of “Hold” and a consensus price target of $36.14.

Insiders Place Their Bets

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares of the company’s stock, valued at approximately $46,068,688.16. This represents a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company 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.