CI Investments Inc. Takes $157,000 Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

CI Investments Inc. acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,063 shares of the financial services provider’s stock, valued at approximately $157,000.

A number of other hedge funds have also recently added to or reduced their stakes in FIBK. Advisor Group Holdings Inc. grew its stake in First Interstate BancSystem by 5.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider’s stock worth $288,000 after buying an additional 422 shares during the last quarter. JPMorgan Chase & Co. grew its stake in First Interstate BancSystem by 225.1% during the 1st quarter. JPMorgan Chase & Co. now owns 281,299 shares of the financial services provider’s stock worth $10,344,000 after buying an additional 194,783 shares during the last quarter. Raymond James & Associates grew its stake in First Interstate BancSystem by 13.0% during the 1st quarter. Raymond James & Associates now owns 9,640 shares of the financial services provider’s stock worth $354,000 after buying an additional 1,107 shares during the last quarter. American Century Companies Inc. purchased a new position in First Interstate BancSystem during the 1st quarter worth approximately $1,046,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of 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 purchasing an additional 1,508 shares during the last quarter. Hedge funds and other institutional investors own 77.78% of the company’s stock.

First Interstate BancSystem Stock Down 2.0 %

FIBK opened at $23.55 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.76 and a quick ratio of 0.75. The business has a 50 day simple moving average of $27.20 and a 200-day simple moving average of $34.69. The stock has a market capitalization of $2.46 billion, a P/E ratio of 8.56 and a beta of 0.84. First Interstate BancSystem, Inc. has a 12 month low of $21.03 and a 12 month high of $46.34.

First Interstate BancSystem (NASDAQ:FIBK – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.28). First Interstate BancSystem had a return on equity of 11.38% and a net margin of 22.74%. During the same period last year, the firm earned $0.21 EPS. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.85 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 8th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, May 5th. This represents a $1.88 annualized dividend and a yield of 7.98%. First Interstate BancSystem’s dividend payout ratio is presently 68.36%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Stephens upgraded First Interstate BancSystem from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $44.00 to $43.00 in a research note on Wednesday, February 1st. StockNews.com assumed coverage on First Interstate BancSystem in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Wells Fargo & Company lowered their target price on First Interstate BancSystem from $42.00 to $38.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods lowered their target price on First Interstate BancSystem from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Finally, Piper Sandler reduced their price target on First Interstate BancSystem from $45.00 to $35.00 in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Hold” and a consensus price target of $36.40.

Insider Buying and Selling

In other news, CFO Marcy D. Mutch acquired 5,000 shares of First Interstate BancSystem stock in a transaction that occurred on Monday, May 1st. The stock was purchased at an average cost of $25.59 per share, with a total value of $127,950.00. Following the completion of the acquisition, the chief financial officer now owns 45,877 shares in the company, valued at approximately $1,173,992.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Marcy D. Mutch acquired 5,000 shares of First Interstate BancSystem stock in a transaction that occurred on Monday, May 1st. The stock was purchased at an average cost of $25.59 per share, with a total value of $127,950.00. Following the completion of the acquisition, the chief financial officer now owns 45,877 shares in the company, valued at approximately $1,173,992.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julie A. Scott sold 288,000 shares of the firm’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $35.63, for a total value of $10,261,440.00. Following the transaction, the director now directly owns 2,517,351 shares of the company’s stock, valued at approximately $89,693,216.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 481,000 shares of company stock valued at $14,734,022. 6.80% of the stock is owned by insiders.

About First Interstate BancSystem

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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. The company was founded by Homer Scott Sr. in 1968 and is headquartered in Billings, MT.