Kestra Investment Management LLC Purchases Shares of 25,727 First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Kestra Investment Management LLC acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the third quarter, HoldingsChannel reports. The fund acquired 25,727 shares of the financial services provider’s stock, valued at approximately $789,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC increased its stake in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after acquiring an additional 430 shares during the last quarter. Innealta Capital LLC acquired a new stake in First Interstate BancSystem during the 2nd quarter worth approximately $106,000. nVerses Capital LLC raised its holdings in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after buying an additional 3,300 shares during the period. Telos Capital Management Inc. acquired a new position in First Interstate BancSystem during the third quarter valued at approximately $201,000. Finally, Washington Trust Bank purchased a new stake in First Interstate BancSystem during the second quarter worth approximately $204,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 1.1 %

Shares of First Interstate BancSystem stock opened at $34.97 on Monday. First Interstate BancSystem, Inc. has a 1-year low of $24.16 and a 1-year high of $36.77. The company has a market capitalization of $3.66 billion, a PE ratio of 15.34 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $31.93 and a 200-day moving average of $29.80.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period last year, the business posted $0.70 EPS. As a group, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.38%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 82.46%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the transaction, the insider now directly owns 613,019 shares in the company, valued at approximately $20,720,042.20. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now owns 958,710 shares in the company, valued at $32,768,707.80. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,837 shares of company stock valued at $1,839,583 over the last ninety days. Corporate insiders own 6.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $30.00 to $28.00 in a research report on Tuesday, October 1st. Piper Sandler lowered their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $33.83.

First Interstate BancSystem 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.