Handelsbanken Fonder AB Has $628,000 Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Handelsbanken Fonder AB boosted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 2.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 15,553 shares of the financial services provider’s stock after buying an additional 300 shares during the period. Handelsbanken Fonder AB’s holdings in First Interstate BancSystem were worth $628,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. CWM LLC grew its stake in First Interstate BancSystem by 48.0% in the 2nd quarter. CWM LLC now owns 944 shares of the financial services provider’s stock valued at $36,000 after buying an additional 306 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in First Interstate BancSystem by 263.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock valued at $77,000 after buying an additional 1,508 shares during the last quarter. Captrust Financial Advisors grew its stake in First Interstate BancSystem by 489.2% in the 1st quarter. Captrust Financial Advisors now owns 2,881 shares of the financial services provider’s stock valued at $106,000 after buying an additional 2,392 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in First Interstate BancSystem in the 2nd quarter valued at about $188,000. Finally, Xponance Inc. acquired a new position in First Interstate BancSystem in the 3rd quarter valued at about $207,000. Institutional investors and hedge funds own 77.78% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FIBK shares. Stephens increased their target price on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Monday, October 31st. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, October 6th. StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, October 26th. Finally, Piper Sandler increased their target price on shares of First Interstate BancSystem to $54.00 in a research report on Friday, September 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $47.40.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $38.85 on Wednesday. The company has a 50 day moving average of $41.46 and a 200-day moving average of $41.04. First Interstate BancSystem, Inc. has a 1-year low of $32.40 and a 1-year high of $46.34. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.30. The company has a market cap of $4.06 billion, a PE ratio of 20.89 and a beta of 0.91.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.09. First Interstate BancSystem had a net margin of 16.71% and a return on equity of 9.58%. The company had revenue of $291.80 million during the quarter, compared to the consensus estimate of $299.74 million. During the same quarter in the prior year, the firm posted $0.86 EPS. The firm’s quarterly revenue was up 75.2% on a year-over-year basis. As a group, equities research analysts forecast that First Interstate BancSystem, Inc. will post 3.11 earnings per share for the current fiscal year.

First Interstate BancSystem Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Tuesday, November 8th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date was Monday, November 7th. This is an increase from First Interstate BancSystem’s previous quarterly dividend of $0.41. First Interstate BancSystem’s dividend payout ratio is 101.08%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder James R. Scott, Jr. sold 5,000 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $46.00, for a total value of $230,000.00. Following the completion of the transaction, the insider now owns 85,306 shares of the company’s stock, valued at approximately $3,924,076. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Jonathan R. Scott sold 30,000 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $44.16, for a total value of $1,324,800.00. Following the completion of the transaction, the director now owns 963,853 shares of the company’s stock, valued at approximately $42,563,748.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder James R. Scott, Jr. sold 5,000 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $46.00, for a total transaction of $230,000.00. Following the completion of the transaction, the insider now directly owns 85,306 shares of the company’s stock, valued at approximately $3,924,076. The disclosure for this sale can be found here. In the last 90 days, insiders sold 53,982 shares of company stock valued at $2,405,719. Company insiders own 6.40% of the company’s stock.

First Interstate BancSystem Profile

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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.

Further Reading

Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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