Commonwealth of Pennsylvania Public School Empls Retrmt SYS Invests $767,000 in First Interstate BancSystem, Inc. $FIBK

Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 22,161 shares of the financial services provider’s stock, valued at approximately $767,000.

Several other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $38,029,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $25,000. Legal & General Group Plc boosted its stake in shares of First Interstate BancSystem by 134.4% during the 4th quarter. Legal & General Group Plc now owns 217,978 shares of the financial services provider’s stock worth $7,542,000 after acquiring an additional 124,970 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $441,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $250,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Up 1.5%

Shares of First Interstate BancSystem stock opened at $36.10 on Wednesday. The firm has a market capitalization of $3.51 billion, a PE ratio of 11.76 and a beta of 0.76. First Interstate BancSystem, Inc. has a twelve month low of $25.81 and a twelve month high of $39.26. The firm’s 50-day moving average price is $34.77 and its 200 day moving average price is $35.16. 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 issued its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the company posted $0.49 EPS. On average, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

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

Insiders Place Their Bets

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FIBK. UBS Group increased their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research note on Friday, May 1st. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 15th. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.00.

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.