Meeder Asset Management Inc. Makes New Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Meeder Asset Management Inc. bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, Holdings Channel.com reports. The firm bought 2,128 shares of the financial services provider’s stock, valued at approximately $69,000.

A number of other large investors also recently modified their holdings of FIBK. BNP Paribas Financial Markets lifted its holdings in 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 worth $975,000 after buying an additional 15,649 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of 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 period. Swiss National Bank lifted its stake in shares of First Interstate BancSystem by 0.5% during the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider’s stock valued at $6,008,000 after acquiring an additional 1,000 shares during the period. Barclays PLC boosted its holdings in First Interstate BancSystem by 18.6% in the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after acquiring an additional 32,298 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in First Interstate BancSystem by 37,734.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after purchasing an additional 141,128 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $28.38 on Wednesday. First Interstate BancSystem, Inc. has a 52-week low of $24.16 and a 52-week high of $36.77. The company has a market cap of $2.97 billion, a P/E ratio of 12.96 and a beta of 0.84. 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’s 50-day simple moving average is $30.75 and its 200 day simple moving average is $31.72.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates 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, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio is presently 85.84%.

Analyst Ratings Changes

Several research analysts have recently issued reports on FIBK shares. Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. UBS Group initiated coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective on the stock. StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Monday, March 3rd. Piper Sandler reduced their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, DA Davidson reaffirmed a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $36.14.

Insider Activity

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the completion of the sale, the director now directly owns 1,414,886 shares of the company’s stock, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 6.90% of the stock is owned by company insiders.

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.