Franklin Resources Inc. Increases Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Franklin Resources Inc. increased its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 5,474,757 shares of the financial services provider’s stock after acquiring an additional 145,842 shares during the quarter. Franklin Resources Inc. owned 0.05% of First Interstate BancSystem worth $177,765,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Swiss National Bank increased its holdings in shares of First Interstate BancSystem by 0.5% in the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider’s stock worth $6,008,000 after buying an additional 1,000 shares during the period. KBC Group NV grew its position in First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after acquiring an additional 1,022 shares during the last quarter. Point72 DIFC Ltd purchased a new position in First Interstate BancSystem in the 3rd quarter worth approximately $34,000. Rhumbline Advisers lifted its position in First Interstate BancSystem by 1.4% in the fourth quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock valued at $4,220,000 after purchasing an additional 1,785 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP boosted its stake in shares of First Interstate BancSystem by 12.4% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 18,067 shares of the financial services provider’s stock valued at $587,000 after purchasing an additional 1,995 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $28.38 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 stock’s 50 day simple moving average is $30.75 and its two-hundred day simple moving average is $31.72. 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 has a market cap of $2.97 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were paid a $0.47 dividend. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 6.62%. First Interstate BancSystem’s payout ratio is 85.84%.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the sale, the director now owns 1,414,886 shares in the company, valued at $46,068,688.16. This represents a 0.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 6.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Stephens decreased their price objective on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Finally, Wells Fargo & Company upped their price target on First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $36.14.

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.