Brown Advisory Inc. Sells 210,172 Shares of First Interstate BancSystem, Inc. $FIBK

Brown Advisory Inc. lowered its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 22.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 719,667 shares of the financial services provider’s stock after selling 210,172 shares during the quarter. Brown Advisory Inc.’s holdings in First Interstate BancSystem were worth $24,900,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem during the 4th quarter worth $29,000. FORA Capital LLC bought a new stake in First Interstate BancSystem in the 4th quarter valued at about $425,000. CANADA LIFE ASSURANCE Co increased its position in shares of First Interstate BancSystem by 243.5% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 86,236 shares of the financial services provider’s stock valued at $2,983,000 after buying an additional 61,134 shares during the period. Altus Wealth Group LLC increased its position in shares of First Interstate BancSystem by 2.8% during the fourth quarter. Altus Wealth Group LLC now owns 27,240 shares of the financial services provider’s stock valued at $943,000 after buying an additional 745 shares during the period. Finally, Inspire Advisors LLC bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at about $266,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Wells Fargo & Company upped their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 15th. Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. Finally, UBS Group upped their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.00.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the sale, the insider directly owned 866,628 shares of the company’s stock, valued at $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 8.00% of the stock is owned by company insiders.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $36.43 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $3.54 billion, a PE ratio of 11.87 and a beta of 0.76. The business has a 50 day moving average price of $35.03 and a 200-day moving average price of $35.30. First Interstate BancSystem, Inc. has a fifty-two week low of $25.81 and a fifty-two week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The company had revenue of $5.10 million during the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter in the prior year, the company earned $0.49 earnings per share. Equities research analysts predict that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, May 11th. This represents a $1.88 annualized dividend and a dividend yield of 5.2%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 61.24%.

First Interstate BancSystem Profile

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.