Verition Fund Management LLC Invests $339,000 in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Verition Fund Management LLC acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,065 shares of the financial services provider’s stock, valued at approximately $339,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC lifted its holdings in shares of First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after buying an additional 430 shares during the period. SG Americas Securities LLC lifted its holdings in First Interstate BancSystem by 79.5% in the second quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock valued at $500,000 after acquiring an additional 7,979 shares during the period. Leeward Investments LLC MA lifted its holdings in First Interstate BancSystem by 5.6% in the second quarter. Leeward Investments LLC MA now owns 657,946 shares of the financial services provider’s stock valued at $18,271,000 after acquiring an additional 34,817 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in shares of First Interstate BancSystem during the 2nd quarter valued at about $267,000. Finally, TNF LLC grew its stake in shares of First Interstate BancSystem by 1.7% during the 2nd quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock valued at $694,000 after purchasing an additional 410 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Up 0.0 %

FIBK opened at $34.08 on Friday. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 14.95 and a beta of 0.84. The firm’s fifty day moving average is $32.70 and its 200 day moving average is $30.19.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS 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 period in the previous year, the company earned $0.70 earnings per share. On average, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.52%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 82.46%.

Wall Street Analyst Weigh In

FIBK has been the topic of a number of research reports. Barclays raised their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. Piper Sandler dropped their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. Finally, DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their price target for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.17.

Insider Buying and Selling

In other news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is owned by insiders.

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.