D.A. Davidson & CO. Purchases 6,464 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

D.A. Davidson & CO. raised its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,237 shares of the financial services provider’s stock after acquiring an additional 6,464 shares during the period. D.A. Davidson & CO.’s holdings in First Interstate BancSystem were worth $2,068,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FIBK. abrdn plc raised its position in First Interstate BancSystem by 8.4% in the fourth quarter. abrdn plc now owns 923,489 shares of the financial services provider’s stock worth $28,397,000 after purchasing an additional 71,839 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of First Interstate BancSystem by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock valued at $28,630,000 after purchasing an additional 42,580 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of First Interstate BancSystem by 25.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,099 shares of the financial services provider’s stock valued at $618,000 after purchasing an additional 4,040 shares during the last quarter. FourThought Financial Partners LLC bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $208,000. Finally, Wellington Management Group LLP grew its stake in shares of First Interstate BancSystem by 11.3% during the third 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 last quarter. 88.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FIBK shares. Barclays raised their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Wells Fargo & Company raised their price objective on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. TheStreet cut shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. Piper Sandler raised their price objective on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. Finally, StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $30.20.

First Interstate BancSystem Price Performance

FIBK remained flat at $27.11 during mid-day trading on Friday. 790,546 shares of the company’s stock traded hands, compared to its average volume of 515,033. The business’s fifty day simple moving average is $26.60 and its two-hundred day simple moving average is $27.25. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 10.80 and a beta of 0.85. First Interstate BancSystem, Inc. has a 12 month low of $20.81 and a 12 month high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. The business had revenue of $242.20 million for the quarter, compared to analyst estimates of $236.80 million. As a group, research analysts expect 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 declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were paid a $0.47 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 6.93%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Insiders Place Their Bets

In related news, 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 transaction, the insider now owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Lorrie F. Asker sold 1,921 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the sale, the insider now directly owns 6,909 shares in the company, valued at $179,979.45. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.

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.