Oppenheimer Asset Management Inc. Purchases Shares of 16,285 First Interstate BancSystem, Inc. $FIBK

Oppenheimer Asset Management Inc. acquired a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 16,285 shares of the financial services provider’s stock, valued at approximately $519,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. HoldCo Asset Management LP acquired a new stake in First Interstate BancSystem in the 2nd quarter valued at approximately $102,890,000. Norges Bank bought a new stake in shares of First Interstate BancSystem in the second quarter valued at approximately $29,082,000. Balyasny Asset Management L.P. grew its stake in shares of First Interstate BancSystem by 102.7% in the second quarter. Balyasny Asset Management L.P. now owns 1,155,811 shares of the financial services provider’s stock worth $33,310,000 after acquiring an additional 585,531 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of First Interstate BancSystem in the second quarter worth $5,273,000. Finally, Jane Street Group LLC bought a new position in First Interstate BancSystem during the first quarter worth $5,125,000. Institutional investors own 88.71% of the company’s stock.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 30,432 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the sale, the director owned 1,414,636 shares of the company’s stock, valued at approximately $43,896,155.08. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $32.75, for a total transaction of $327,500.00. Following the completion of the sale, the insider owned 224,460 shares in the company, valued at approximately $7,351,065. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 45,432 shares of company stock worth $1,454,120. Insiders own 8.20% of the company’s stock.

First Interstate BancSystem Stock Up 0.9%

Shares of NASDAQ:FIBK opened at $37.66 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. The firm has a market cap of $3.87 billion, a P/E ratio of 12.77 and a beta of 0.80. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $39.26. The company’s 50-day moving average price is $36.46 and its two-hundred day moving average price is $33.33.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, beating the consensus estimate of $0.64 by $0.44. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 8.83%. The company had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $256.89 million. During the same quarter in the previous year, the company posted $0.50 EPS. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.0%. First Interstate BancSystem’s dividend payout ratio (DPR) is 63.73%.

Analysts Set New Price Targets

FIBK has been the topic of several research analyst reports. Stephens lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods lifted their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Piper Sandler boosted their price target on First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Barclays reduced their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Friday, January 30th. Finally, UBS Group restated a “neutral” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research report on Wednesday, February 4th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $38.17.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.