Vestmark Advisory Solutions Inc. Invests $895,000 in First Interstate BancSystem, Inc. $FIBK

Vestmark Advisory Solutions Inc. bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 28,096 shares of the financial services provider’s stock, valued at approximately $895,000.

A number of other large investors also recently modified their holdings of FIBK. Vanguard Group Inc. raised its position in First Interstate BancSystem by 0.7% during the third quarter. Vanguard Group Inc. now owns 8,833,965 shares of the financial services provider’s stock worth $281,538,000 after acquiring an additional 64,371 shares in the last quarter. State Street Corp lifted its holdings in shares of First Interstate BancSystem by 2.3% during the 2nd quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock worth $116,735,000 after acquiring an additional 92,715 shares during the period. HoldCo Asset Management LP bought a new position in First Interstate BancSystem in the second quarter valued at about $102,890,000. Geode Capital Management LLC lifted its stake in shares of First Interstate BancSystem by 7.1% in the 2nd quarter. Geode Capital Management LLC now owns 2,179,093 shares of the financial services provider’s stock valued at $62,809,000 after acquiring an additional 144,800 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of First Interstate BancSystem by 2.6% during the second quarter. Jennison Associates LLC now owns 1,555,385 shares of the financial services provider’s stock worth $44,826,000 after purchasing an additional 39,412 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FIBK. 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 report on Wednesday, December 17th. DA Davidson reiterated a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 29th. Piper Sandler raised their target price on First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Monday, December 29th. Finally, Stephens lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $38.17.

Insiders Place Their Bets

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of First Interstate BancSystem stock in a transaction that occurred 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 sale, the insider owned 224,460 shares of the company’s stock, valued at approximately $7,351,065. This trade represents a 4.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 1,827 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total value of $67,452.84. Following the completion of the transaction, the insider owned 936,024 shares of the company’s stock, valued at $34,558,006.08. The trade was a 0.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,000 shares of company stock valued at $509,815 in the last quarter. 8.20% of the stock is currently owned by company insiders.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $36.34 on Thursday. The business has a 50-day simple moving average of $36.74 and a two-hundred day simple moving average of $33.74. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $39.26. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 12.32 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $256.89 million. During the same period in the prior year, the firm posted $0.50 EPS. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 annualized dividend and a yield of 5.2%. First Interstate BancSystem’s dividend payout ratio is currently 63.73%.

About First Interstate BancSystem

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.