Intech Investment Management LLC Purchases New Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Intech Investment Management LLC acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,204 shares of the financial services provider’s stock, valued at approximately $528,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. CWM LLC raised its holdings in shares of First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the period. Innealta Capital LLC purchased a new position in First Interstate BancSystem during the second quarter valued at approximately $106,000. nVerses Capital LLC boosted its position in First Interstate BancSystem by 412.5% during the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares in the last quarter. Telos Capital Management Inc. purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter worth $201,000. Finally, Washington Trust Bank bought a new stake in First Interstate BancSystem during the second quarter valued at about $204,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Insider Activity at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the sale, the insider now directly owns 635,069 shares in the company, valued at approximately $20,817,561.82. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,837 shares of company stock worth $1,839,583. Company insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FIBK. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and raised their target price for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and set a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday. Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $32.00 to $30.00 in a report on Thursday, October 31st. Finally, Wells Fargo & Company downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $33.83.

First Interstate BancSystem Stock Down 1.1 %

FIBK opened at $34.97 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $36.77. The company has a market cap of $3.66 billion, a PE ratio of 15.34 and a beta of 0.81. The company has a 50-day moving average price of $31.93 and a 200 day moving average price of $29.80.

First Interstate BancSystem (NASDAQ:FIBK) last posted 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 return on equity of 7.48% and a net margin of 15.94%. During the same quarter in the previous year, the company earned $0.70 earnings per share. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

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.