Bessemer Group Inc. Has $4.87 Million Stake in First Interstate BancSystem, Inc. $FIBK

Bessemer Group Inc. boosted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 60.1% during the 1st quarter, HoldingsChannel reports. The fund owned 145,853 shares of the financial services provider’s stock after acquiring an additional 54,765 shares during the quarter. Bessemer Group Inc.’s holdings in First Interstate BancSystem were worth $4,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of First Interstate BancSystem by 37.2% in the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock valued at $1,926,000 after purchasing an additional 18,210 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Interstate BancSystem by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock worth $1,353,000 after buying an additional 2,070 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of First Interstate BancSystem during the first quarter worth about $238,000. Jones Financial Companies Lllp grew its holdings in shares of First Interstate BancSystem by 24,352.5% during the first quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after buying an additional 24,596 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of First Interstate BancSystem during the first quarter worth about $5,125,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 4,500 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the sale, the insider directly owned 862,128 shares of the company’s stock, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the sale, the insider owned 488,359 shares of the company’s stock, valued at $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FIBK shares. Barclays lifted their target price on First Interstate BancSystem from $36.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Piper Sandler decreased their price target on shares of 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $37.33.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $38.55 on Tuesday. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 12.56 and a beta of 0.76. First Interstate BancSystem, Inc. has a 1-year low of $27.60 and a 1-year high of $40.60. The company’s fifty day simple moving average is $36.84 and its 200 day simple moving average is $35.93. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the prior year, the firm posted $0.49 earnings per share. On average, research analysts forecast that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio 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.