State of New Jersey Common Pension Fund D Boosts Stock Position in First Interstate BancSystem, Inc. $FIBK

State of New Jersey Common Pension Fund D increased its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 13.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,154 shares of the financial services provider’s stock after buying an additional 8,243 shares during the period. State of New Jersey Common Pension Fund D owned 0.07% of First Interstate BancSystem worth $2,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. AlphaQuest LLC grew its stake in shares of First Interstate BancSystem by 406.7% in the 2nd quarter. AlphaQuest LLC now owns 67,892 shares of the financial services provider’s stock worth $1,957,000 after buying an additional 54,492 shares during the last quarter. D.A. Davidson & CO. boosted its stake in First Interstate BancSystem by 4.0% during the 2nd quarter. D.A. Davidson & CO. now owns 31,313 shares of the financial services provider’s stock valued at $902,000 after purchasing an additional 1,195 shares during the last quarter. Altus Wealth Group LLC boosted its stake in First Interstate BancSystem by 2.2% during the 2nd quarter. Altus Wealth Group LLC now owns 27,072 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 585 shares during the last quarter. Tweedy Browne Co LLC purchased a new stake in First Interstate BancSystem during the 2nd quarter valued at $384,000. Finally, Davidson Investment Advisors boosted its stake in First Interstate BancSystem by 1.2% during the 2nd quarter. Davidson Investment Advisors now owns 407,082 shares of the financial services provider’s stock valued at $11,732,000 after purchasing an additional 4,698 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 11,818 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the transaction, the director directly owned 5,224 shares of the company’s stock, valued at approximately $157,660.32. This trade represents a 69.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the transaction, the insider directly owned 529,256 shares in the company, valued at approximately $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 103,818 shares of company stock valued at $3,070,555. 8.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Monday, August 11th. Barclays increased their target price on First Interstate BancSystem from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 8th. Wells Fargo & Company increased their target price on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. DA Davidson increased their target price on First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $35.43.

First Interstate BancSystem Stock Performance

FIBK stock opened at $32.11 on Thursday. The company has a market cap of $3.37 billion, a P/E ratio of 14.46 and a beta of 0.79. 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 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The stock’s fifty day moving average price is $32.02 and its 200-day moving average price is $29.61.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.During the same period in the prior year, the company posted $0.54 EPS. On average, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, November 10th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Monday, November 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 84.68%.

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.