Voya Investment Management LLC Reduces Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Voya Investment Management LLC lessened its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 7.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,388 shares of the financial services provider’s stock after selling 1,787 shares during the period. Voya Investment Management LLC’s holdings in First Interstate BancSystem were worth $759,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FIBK. Evergreen Capital Management LLC raised its holdings in shares of First Interstate BancSystem by 1.9% during the fourth quarter. Evergreen Capital Management LLC now owns 24,580 shares of the financial services provider’s stock valued at $798,000 after acquiring an additional 468 shares in the last quarter. Covestor Ltd boosted its stake in shares of First Interstate BancSystem by 25.8% during the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 510 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of First Interstate BancSystem by 7.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,872 shares of the financial services provider’s stock valued at $385,000 after buying an additional 807 shares during the period. Swiss National Bank raised its stake in 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 in the last quarter. Finally, KBC Group NV lifted its holdings in First Interstate BancSystem by 34.1% in the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after buying an additional 1,022 shares during the period. Institutional investors own 88.71% of the company’s stock.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the business’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 transaction, the director now directly owns 1,414,886 shares of the company’s stock, valued at approximately $46,068,688.16. The trade was a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.20% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $26.35 on Thursday. The company has a market cap of $2.75 billion, a PE ratio of 12.03 and a beta of 0.76. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The firm’s 50-day moving average price is $27.34 and its 200-day moving average price is $30.85.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $42.00 million for the quarter, compared to analysts’ expectations of $253.50 million. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. First Interstate BancSystem’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 EPS. As a group, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Monday, May 12th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, May 12th. This represents a $1.88 annualized dividend and a yield of 7.14%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 89.10%.

Analyst Ratings Changes

FIBK has been the subject of a number of recent research reports. Stephens lowered their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Wells Fargo & Company dropped their price target on First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 9th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday, May 2nd. Barclays cut their target price on First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Piper Sandler lowered their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.00.

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.