Cibc World Markets Corp Invests $241,000 in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Cibc World Markets Corp bought a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,426 shares of the financial services provider’s stock, valued at approximately $241,000.

A number of other large investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in shares of First Interstate BancSystem by 97.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock valued at $975,000 after buying an additional 15,649 shares in the last quarter. Jane Street Group LLC grew its position in First Interstate BancSystem by 13.9% during the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after acquiring an additional 22,899 shares during the last quarter. Barclays PLC lifted its holdings in shares of First Interstate BancSystem by 18.6% in the 3rd quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock worth $6,326,000 after acquiring an additional 32,298 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of First Interstate BancSystem by 37,734.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock valued at $4,595,000 after purchasing an additional 141,128 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $29.30 on Wednesday. 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’s fifty day simple moving average is $31.13 and its 200 day simple moving average is $31.75. The stock has a market cap of $3.06 billion, a P/E ratio of 13.38 and a beta of 0.84. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s payout ratio is presently 85.84%.

Analyst Ratings Changes

Several analysts have issued reports on FIBK shares. DA Davidson restated a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Barclays raised their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research report on Thursday, December 5th. Piper Sandler lowered their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a report on Monday, February 3rd. Two investment 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $36.14.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.90% of the stock is currently owned by corporate 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.