Cambria Investment Management L.P. Acquires Shares of 284,989 First Interstate BancSystem, Inc. $FIBK

Cambria Investment Management L.P. bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 284,989 shares of the financial services provider’s stock, valued at approximately $9,083,000. Cambria Investment Management L.P. owned 0.28% of First Interstate BancSystem as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FIBK. First Horizon Corp purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at approximately $26,000. EverSource Wealth Advisors LLC boosted its holdings in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after buying an additional 862 shares during the period. Jones Financial Companies Lllp grew its stake in First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,500 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in First Interstate BancSystem in the 3rd quarter valued at approximately $52,000. Finally, Danske Bank A S bought a new stake in First Interstate BancSystem during the 3rd quarter valued at $57,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FIBK. UBS Group restated a “neutral” rating and set a $38.00 target price on shares of First Interstate BancSystem in a research report on Wednesday, February 4th. Wall Street Zen upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings raised First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 3rd. Piper Sandler raised their target price on First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Finally, Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.17.

First Interstate BancSystem Stock Down 3.2%

FIBK opened at $32.03 on Thursday. The company has a fifty day moving average price of $36.26 and a 200-day moving average price of $34.08. The firm has a market capitalization of $3.30 billion, a P/E ratio of 10.86 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The firm’s revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is currently 63.73%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 1,827 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total value of $67,452.84. Following the sale, the insider owned 936,024 shares of the company’s stock, valued at $34,558,006.08. This trade represents a 0.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is currently owned by insiders.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.