First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC cut its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 15.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 108,047 shares of the financial services provider’s stock after selling 19,535 shares during the quarter. NFJ Investment Group LLC owned approximately 0.10% of First Interstate BancSystem worth $3,315,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. TNF LLC lifted its stake in First Interstate BancSystem by 1.5% in the third quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock valued at $812,000 after buying an additional 367 shares during the last quarter. Caprock Group LLC raised its position in First Interstate BancSystem by 1.7% in the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 422 shares during the last quarter. Wrapmanager Inc. boosted its stake in First Interstate BancSystem by 5.0% during the 3rd quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 429 shares during the period. CWM LLC grew its position in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in First Interstate BancSystem by 5.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 507 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Down 1.7 %

FIBK opened at $34.31 on Wednesday. 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, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The stock has a market capitalization of $3.59 billion, a P/E ratio of 15.05 and a beta of 0.84. The business has a 50 day simple moving average of $32.09 and a 200-day simple moving average of $29.90.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period last year, the company posted $0.70 earnings per share. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Wall Street Analyst Weigh In

FIBK has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Tuesday. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Stephens reissued an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Piper Sandler cut their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, First Interstate BancSystem has a consensus rating of “Hold” and a consensus price target of $34.17.

Insiders Place Their Bets

In related news, major shareholder Julie A. Scott sold 20,220 shares of First Interstate BancSystem stock in a transaction on Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the transaction, the insider now directly owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is owned by company insiders.

About First Interstate BancSystem

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.