Harbor Capital Advisors Inc. Purchases 141,128 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Harbor Capital Advisors Inc. increased its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 37,734.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,502 shares of the financial services provider’s stock after acquiring an additional 141,128 shares during the period. Harbor Capital Advisors Inc. owned about 0.14% of First Interstate BancSystem worth $4,595,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FIBK. Point72 DIFC Ltd bought a new position in First Interstate BancSystem in the 3rd quarter valued at $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of First Interstate BancSystem in the 3rd quarter worth about $69,000. CWM LLC grew its position in First Interstate BancSystem by 65.0% during the third quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock valued at $158,000 after buying an additional 2,029 shares during the period. Telos Capital Management Inc. purchased a new stake in First Interstate BancSystem during the third quarter worth about $201,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in First Interstate BancSystem in the second quarter worth about $208,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Down 4.1 %

Shares of FIBK opened at $30.53 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50 day simple moving average is $33.27 and its 200 day simple moving average is $31.12. First Interstate BancSystem, Inc. has a 1-year low of $24.16 and a 1-year high of $36.77. The company has a market capitalization of $3.19 billion, a P/E ratio of 13.39 and a beta of 0.85.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the previous year, the business posted $0.70 earnings per share. Sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.16%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 82.46%.

Wall Street Analysts Forecast Growth

FIBK has been the subject of a number of research reports. Barclays increased their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. Piper Sandler decreased their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. UBS Group assumed coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their price target for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Finally, Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and an average price target of $35.00.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now owns 613,019 shares in the company, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,837 shares of company stock worth $1,839,583. Company insiders own 6.90% of the company’s stock.

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.