Citigroup Inc. Lowers Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Citigroup Inc. reduced its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,103 shares of the financial services provider’s stock after selling 5,934 shares during the quarter. Citigroup Inc.’s holdings in First Interstate BancSystem were worth $5,495,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FIBK. CWM LLC grew its holdings in shares of First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares during the last quarter. Innealta Capital LLC bought a new position in shares of First Interstate BancSystem during the second quarter valued at about $106,000. nVerses Capital LLC grew its stake in shares of First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after buying an additional 3,300 shares during the last quarter. Telos Capital Management Inc. purchased a new position in shares of First Interstate BancSystem in the third quarter worth about $201,000. Finally, Washington Trust Bank bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $204,000. 88.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FIBK shares. Stephens reaffirmed an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. Piper Sandler dropped their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $32.00 to $42.00 in a research report on Tuesday, November 26th. Finally, StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $33.83.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the sale, the insider now owns 613,019 shares in the company, valued at approximately $20,720,042.20. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is owned by corporate insiders.

First Interstate BancSystem Stock Down 1.1 %

Shares of NASDAQ FIBK opened at $34.97 on Monday. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The firm has a fifty day simple moving average of $31.93 and a two-hundred day simple moving average of $29.80. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $3.66 billion, a PE ratio of 15.34 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (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 in the prior year, the firm posted $0.70 earnings per share. Equities analysts expect that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.47 per share. The ex-dividend date was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.38%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 82.46%.

First Interstate BancSystem 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.