Geode Capital Management LLC Buys 59,367 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Geode Capital Management LLC increased its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,992,873 shares of the financial services provider’s stock after acquiring an additional 59,367 shares during the quarter. Geode Capital Management LLC owned approximately 1.91% of First Interstate BancSystem worth $61,152,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of FIBK. Bank of New York Mellon Corp boosted its position in shares of First Interstate BancSystem by 1.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock worth $24,648,000 after purchasing an additional 11,493 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in First Interstate BancSystem by 17.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,675 shares of the financial services provider’s stock worth $657,000 after acquiring an additional 3,576 shares in the last quarter. Innealta Capital LLC acquired a new stake in First Interstate BancSystem in the second quarter valued at approximately $106,000. Washington Trust Bank bought a new stake in shares of First Interstate BancSystem during the second quarter valued at approximately $204,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of First Interstate BancSystem during the second quarter worth approximately $3,003,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Performance

FIBK stock opened at $32.64 on Friday. 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 firm has a market cap of $3.41 billion, a PE ratio of 14.32 and a beta of 0.84. The business has a 50 day moving average of $33.09 and a 200-day moving average of $30.49. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 prior year, the company posted $0.70 earnings per share. As a group, sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current 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 given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FIBK shares. Keefe, Bruyette & Woods lifted their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler reduced their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their target price for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Barclays lifted their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company increased their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.14.

Insider Activity

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the transaction, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the sale, the insider now directly owns 613,019 shares of the company’s stock, valued at $20,720,042.20. This represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 in the last three months. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Company 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.