LMR Partners LLP Makes New $579,000 Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

LMR Partners LLP acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 18,858 shares of the financial services provider’s stock, valued at approximately $579,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quest Partners LLC boosted its stake in First Interstate BancSystem by 1,115.4% in the 3rd quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider’s stock worth $2,546,000 after buying an additional 76,169 shares during the last quarter. Empower Advisory Group LLC lifted its holdings in shares of First Interstate BancSystem by 4.8% during the 3rd quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock worth $14,318,000 after acquiring an additional 21,191 shares during the period. Versor Investments LP acquired a new stake in shares of First Interstate BancSystem in the third quarter worth approximately $914,000. TNF LLC grew its holdings in First Interstate BancSystem by 1.5% in the third quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 367 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in First Interstate BancSystem by 20.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,874 shares of the financial services provider’s stock worth $395,000 after purchasing an additional 2,169 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on FIBK shares. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Piper Sandler cut their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $32.50.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $33.42 on Wednesday. The firm has a market capitalization of $3.49 billion, a PE ratio of 14.66 and a beta of 0.81. First Interstate BancSystem, Inc. has a one year low of $24.16 and a one year high of $34.53. The stock’s 50 day moving average price is $31.16 and its 200 day moving average price is $29.36. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter last year, the firm earned $0.70 EPS. As a group, sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.63%. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the sale, the insider now owns 635,069 shares in the company, valued at $20,817,561.82. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the transaction, the director now directly owns 958,710 shares in the company, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,320 shares of company stock valued at $1,647,096. 6.90% of the stock is currently owned by 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.