Wolverine Asset Management LLC Purchases Shares of 1,257 First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wolverine Asset Management LLC acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 1,257 shares of the financial services provider’s stock, valued at approximately $39,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jennison Associates LLC increased its position in First Interstate BancSystem by 93.4% during the 3rd quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock valued at $35,580,000 after purchasing an additional 688,906 shares during the period. Mesirow Institutional Investment Management Inc. acquired a new stake in shares of First Interstate BancSystem during the third quarter worth $10,857,000. Wellington Management Group LLP raised its stake in First Interstate BancSystem by 11.3% during the third quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock worth $70,547,000 after buying an additional 286,160 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in First Interstate BancSystem by 1,742.8% in the third quarter. Victory Capital Management Inc. now owns 284,436 shares of the financial services provider’s stock valued at $7,094,000 after buying an additional 269,001 shares during the period. Finally, UBS Group AG lifted its holdings in First Interstate BancSystem by 142.2% in the third quarter. UBS Group AG now owns 149,370 shares of the financial services provider’s stock valued at $3,725,000 after buying an additional 87,710 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares in the company, valued at $551,229.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other First Interstate BancSystem news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total transaction of $69,999.30. Following the completion of the transaction, the executive vice president now directly owns 9,047 shares of the company’s stock, valued at $233,684.01. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total value of $77,604.00. Following the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The disclosure for this sale can be found here. Insiders have sold 7,531 shares of company stock worth $197,645 over the last 90 days. 6.90% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $27.00 on Monday. The company has a market cap of $2.81 billion, a P/E ratio of 10.76 and a beta of 0.87. The company has a fifty day simple moving average of $26.10 and a 200 day simple moving average of $26.71. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. First Interstate BancSystem, Inc. has a 12-month low of $20.81 and a 12-month high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The firm had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.55%. Sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.96%. The ex-dividend date of this dividend is Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 74.90%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays increased their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Friday. TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. Wells Fargo & Company boosted their price target on First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Stephens reaffirmed an “overweight” rating and set a $32.00 price objective on shares of First Interstate BancSystem in a research report on Thursday. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $29.20.

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.