Russell Investments Group Ltd. Reduces Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Russell Investments Group Ltd. cut its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,662 shares of the financial services provider’s stock after selling 4,604 shares during the period. Russell Investments Group Ltd.’s holdings in First Interstate BancSystem were worth $1,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cullen Capital Management LLC lifted its position in First Interstate BancSystem by 12.9% in the fourth quarter. Cullen Capital Management LLC now owns 18,056 shares of the financial services provider’s stock valued at $586,000 after buying an additional 2,069 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of First Interstate BancSystem by 5.1% during the 4th quarter. Wells Fargo & Company MN now owns 141,032 shares of the financial services provider’s stock worth $4,579,000 after purchasing an additional 6,867 shares during the period. ExodusPoint Capital Management LP increased its holdings in First Interstate BancSystem by 97.2% in the 4th quarter. ExodusPoint Capital Management LP now owns 371,290 shares of the financial services provider’s stock valued at $12,056,000 after purchasing an additional 182,993 shares during the last quarter. Franklin Resources Inc. raised its position in First Interstate BancSystem by 2.7% in the fourth quarter. Franklin Resources Inc. now owns 5,474,757 shares of the financial services provider’s stock valued at $177,765,000 after purchasing an additional 145,842 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in First Interstate BancSystem during the fourth quarter worth $69,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.90% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Stock Performance

FIBK opened at $25.99 on Monday. The stock’s 50 day simple moving average is $28.53 and its 200 day simple moving average is $31.19. The stock has a market cap of $2.72 billion, a P/E ratio of 11.87 and a beta of 0.81. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.88 annualized dividend and a yield of 7.23%. First Interstate BancSystem’s payout ratio is 85.84%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FIBK. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. DA Davidson restated a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler reduced their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Wells Fargo & Company dropped their price target on shares of First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Wednesday, April 9th. Finally, Stephens decreased their target price on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.00.

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.