Louisiana State Employees Retirement System purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK – Free Report) in the 1st quarter, Holdings Channel reports. The firm purchased 39,000 shares of the financial services provider’s stock, valued at approximately $1,303,000.
A number of other institutional investors and hedge funds also recently modified their holdings of FIBK. AdvisorNet Financial Inc lifted its holdings in shares of First Interstate BancSystem by 210.4% during the 1st quarter. AdvisorNet Financial Inc now owns 4,345 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 2,945 shares during the period. SG Americas Securities LLC grew its holdings in First Interstate BancSystem by 43.5% in the first quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider’s stock valued at $3,624,000 after purchasing an additional 32,914 shares during the period. Hsbc Holdings PLC purchased a new stake in First Interstate BancSystem in the fourth quarter valued at approximately $2,127,000. Capstone Wealth Management Inc. acquired a new position in First Interstate BancSystem during the fourth quarter worth approximately $776,000. Finally, Invesco Ltd. increased its position in First Interstate BancSystem by 21.7% during the fourth quarter. Invesco Ltd. now owns 370,064 shares of the financial services provider’s stock worth $12,804,000 after purchasing an additional 66,038 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.
Insiders Place Their Bets
In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 32,392 shares of company stock worth $1,161,552. Insiders own 8.00% of the company’s stock.
First Interstate BancSystem Price Performance
First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The firm had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $242.78 million. During the same period in the previous year, the company posted $0.49 earnings per share. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.
First Interstate BancSystem Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 61.24%.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. UBS Group boosted their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Finally, Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $37.00.
Read Our Latest Report on First Interstate BancSystem
First Interstate BancSystem Company Profile
First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.
The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.
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