Leeward Investments LLC MA Trims Stake in First Interstate BancSystem, Inc. $FIBK

Leeward Investments LLC MA reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.2% during the third quarter, Holdings Channel.com reports. The firm owned 652,333 shares of the financial services provider’s stock after selling 14,553 shares during the quarter. First Interstate BancSystem accounts for approximately 1.1% of Leeward Investments LLC MA’s holdings, making the stock its 20th largest position. Leeward Investments LLC MA’s holdings in First Interstate BancSystem were worth $20,790,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FIBK. Altus Wealth Group LLC increased its position in First Interstate BancSystem by 2.2% in the second quarter. Altus Wealth Group LLC now owns 27,072 shares of the financial services provider’s stock worth $780,000 after buying an additional 585 shares in the last quarter. Inspire Investing LLC grew its stake in shares of First Interstate BancSystem by 5.6% during the 3rd quarter. Inspire Investing LLC now owns 14,239 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 757 shares during the period. Arizona State Retirement System grew its stake in shares of First Interstate BancSystem by 3.0% during the 3rd quarter. Arizona State Retirement System now owns 26,369 shares of the financial services provider’s stock valued at $840,000 after acquiring an additional 763 shares during the period. Bayforest Capital Ltd increased its holdings in First Interstate BancSystem by 11.9% in the 3rd quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider’s stock worth $230,000 after acquiring an additional 769 shares in the last quarter. Finally, First Horizon Corp bought a new stake in First Interstate BancSystem during the 3rd quarter worth approximately $26,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $37.66 on Friday. The company 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 52-week low of $22.95 and a 52-week high of $39.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.73. The firm’s fifty day moving average is $36.46 and its two-hundred day moving average is $33.30.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data 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 business had revenue of $205.10 million during the quarter, compared to the consensus estimate of $256.89 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The business’s revenue was up 19.8% on a year-over-year basis. As a group, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared 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. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date is Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 63.73%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FIBK shares. Wall Street Zen lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Sunday. Piper Sandler lifted their target price on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday, December 29th. Barclays decreased their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, January 30th. Finally, Stephens downgraded First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and an average target price of $38.17.

Insiders Place Their Bets

In related news, major shareholder Jonathan R. Scott sold 1,827 shares of the company’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the sale, the insider owned 936,024 shares of the company’s stock, valued at $34,558,006.08. This represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $32.75, for a total transaction of $327,500.00. Following the transaction, the insider owned 224,460 shares of the company’s stock, valued at $7,351,065. This trade represents a 4.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 45,432 shares of company stock valued at $1,454,120 in the last quarter. 8.20% of the stock is currently owned by insiders.

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.