Geode Capital Management LLC Grows Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Geode Capital Management LLC grew its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,992,873 shares of the financial services provider’s stock after acquiring an additional 59,367 shares during the period. Geode Capital Management LLC’s holdings in First Interstate BancSystem were worth $61,152,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its holdings in First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Jennison Associates LLC increased its position in shares of First Interstate BancSystem by 57.3% during the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock valued at $27,176,000 after buying an additional 322,578 shares during the period. Hantz Financial Services Inc. purchased a new stake in shares of First Interstate BancSystem in the second quarter worth about $3,003,000. Hotchkis & Wiley Capital Management LLC boosted its position in shares of First Interstate BancSystem by 100.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock valued at $6,485,000 after acquiring an additional 105,670 shares during the period. Finally, Wellington Management Group LLP grew its stake in First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after acquiring an additional 78,596 shares in the last quarter. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Trading Up 3.6 %

Shares of FIBK stock opened at $32.64 on Friday. The business has a 50-day moving average price of $33.09 and a two-hundred day moving average price of $30.49. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77. 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 has a market cap of $3.41 billion, a P/E ratio of 14.32 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share 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 period in the prior year, the company posted $0.70 earnings per share. Equities analysts anticipate 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. Investors of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.76%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Insider Buying and Selling

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 20,220 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the sale, the insider now owns 635,069 shares of the company’s stock, valued at $20,817,561.82. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock worth $1,839,583 in the last 90 days. 6.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

FIBK has been the topic of several recent analyst reports. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. UBS Group began coverage on First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 target price for the company. Barclays raised their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Thursday, December 5th. Finally, Stephens reissued an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $35.14.

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.