abrdn plc Has $28.40 Million Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

abrdn plc raised its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 8.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 923,489 shares of the financial services provider’s stock after purchasing an additional 71,839 shares during the period. abrdn plc owned 0.88% of First Interstate BancSystem worth $28,397,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in First Interstate BancSystem by 11.3% during the 3rd quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock valued at $70,547,000 after purchasing an additional 286,160 shares during the period. FMR LLC lifted its position in First Interstate BancSystem by 0.4% during the 3rd quarter. FMR LLC now owns 6,451,758 shares of the financial services provider’s stock valued at $160,907,000 after purchasing an additional 28,343 shares during the period. American Century Companies Inc. raised its position in shares of First Interstate BancSystem by 4.1% in the 3rd quarter. American Century Companies Inc. now owns 2,224,365 shares of the financial services provider’s stock valued at $55,476,000 after acquiring an additional 87,039 shares during the period. Nisa Investment Advisors LLC raised its position in shares of First Interstate BancSystem by 99.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,870 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 2,430 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of First Interstate BancSystem by 0.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,908,294 shares of the financial services provider’s stock valued at $47,593,000 after acquiring an additional 13,830 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FIBK. TheStreet downgraded shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research report on Monday, March 18th. Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Barclays assumed coverage on shares of First Interstate BancSystem in a research report on Friday, March 8th. They issued an “equal weight” rating and a $28.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $29.00.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $26.11 on Tuesday. The business has a 50 day simple moving average of $26.02 and a 200 day simple moving average of $26.65. First Interstate BancSystem, Inc. has a 52-week low of $20.81 and a 52-week high of $32.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.76 and a current ratio of 0.77. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 10.53 and a beta of 0.87.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. First Interstate BancSystem had a return on equity of 8.47% and a net margin of 18.04%. Analysts anticipate that First Interstate BancSystem, Inc. will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 19th. Stockholders of record on Friday, February 9th were paid a dividend of $0.47 per share. This is a boost from First Interstate BancSystem’s previous quarterly dividend of $0.20. This represents a $1.88 annualized dividend and a dividend yield of 7.20%. The ex-dividend date of this dividend was Thursday, February 8th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 75.81%.

Insider Transactions at First Interstate BancSystem

In other news, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were 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 approximately $233,684.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lorrie F. Asker sold 1,921 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total value of $50,042.05. Following the completion of the sale, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The disclosure for this sale can be found here. Insiders sold 7,531 shares of company stock valued at $197,645 in the last ninety days. 6.90% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Company 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.