South Dakota Investment Council Grows Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

South Dakota Investment Council raised its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 44.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,244 shares of the financial services provider’s stock after acquiring an additional 21,077 shares during the quarter. South Dakota Investment Council’s holdings in First Interstate BancSystem were worth $2,099,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Jennison Associates LLC grew its holdings in First Interstate BancSystem by 93.4% in the third quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock worth $35,580,000 after purchasing an additional 688,906 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new stake in First Interstate BancSystem during the third quarter valued at approximately $10,857,000. Wellington Management Group LLP increased its holdings in First Interstate BancSystem by 11.3% during the third quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock valued at $70,547,000 after buying an additional 286,160 shares during the last quarter. Victory Capital Management Inc. increased its holdings in First Interstate BancSystem by 1,742.8% during the third quarter. Victory Capital Management Inc. now owns 284,436 shares of the financial services provider’s stock valued at $7,094,000 after buying an additional 269,001 shares during the last quarter. Finally, UBS Group AG increased its holdings in First Interstate BancSystem by 142.2% during the third quarter. UBS Group AG now owns 149,370 shares of the financial services provider’s stock valued at $3,725,000 after buying an additional 87,710 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays assumed coverage on shares of First Interstate BancSystem in a report on Friday, March 8th. They set an “equal weight” rating and a $28.00 target price for the company. TheStreet cut shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. Finally, Wells Fargo & Company increased their price objective on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $29.00.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $26.57 on Thursday. The firm has a fifty day moving average price of $26.08 and a 200-day moving average price of $26.66. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.77 and a quick ratio of 0.76. The stock has a market cap of $2.76 billion, a PE ratio of 10.71 and a beta of 0.87. First Interstate BancSystem, Inc. has a 1 year low of $20.81 and a 1 year high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. The company had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. Equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 19th. Investors of record on Friday, February 9th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 7.08%. This is a boost from First Interstate BancSystem’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, February 8th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 75.81%.

Insider Activity at First Interstate BancSystem

In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now directly owns 20,599 shares of the company’s stock, valued at $551,229.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares in the company, valued at approximately $233,684.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,531 shares of company stock valued at $197,645. Corporate insiders own 6.90% of the company’s stock.

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.