First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 5.2% in the third quarter, HoldingsChannel.com reports. The firm owned 1,073,814 shares of the financial services provider’s stock after acquiring an additional 52,919 shares during the period. Charles Schwab Investment Management Inc.’s holdings in First Interstate BancSystem were worth $32,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the period. Innealta Capital LLC acquired a new position in First Interstate BancSystem in the second quarter worth $106,000. nVerses Capital LLC boosted its holdings in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares during the period. Telos Capital Management Inc. acquired a new position in First Interstate BancSystem in the third quarter worth $201,000. Finally, Washington Trust Bank acquired a new position in First Interstate BancSystem in the second quarter worth $204,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $34.31 on Wednesday. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77. The firm’s 50-day simple moving average is $32.09 and its 200 day simple moving average is $29.90. 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 stock has a market cap of $3.59 billion, a P/E ratio of 15.05 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data 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 net margin of 15.94% and a return on equity of 7.48%. During the same quarter in the prior year, the firm earned $0.70 EPS. Equities analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the sale, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the business’s stock in a transaction dated 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 approximately $20,817,561.82. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FIBK shares. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price target for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. Piper Sandler reduced 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 report on Monday, October 28th. Stephens reissued an “overweight” rating and set a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Wells Fargo & Company boosted their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $34.17.

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.