First Interstate BancSystem, Inc. $FIBK Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 16.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,786,566 shares of the financial services provider’s stock after selling 361,588 shares during the period. JPMorgan Chase & Co. owned approximately 1.74% of First Interstate BancSystem worth $56,938,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of FIBK. HoldCo Asset Management LP bought a new position in First Interstate BancSystem during the 2nd quarter valued at $102,890,000. Azora Capital LP lifted its holdings in shares of First Interstate BancSystem by 1,538.7% in the third quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock valued at $40,656,000 after buying an additional 1,197,843 shares during the period. UBS Group AG boosted its stake in First Interstate BancSystem by 140.5% during the third quarter. UBS Group AG now owns 1,754,104 shares of the financial services provider’s stock valued at $55,903,000 after buying an additional 1,024,683 shares in the last quarter. Norges Bank acquired a new position in First Interstate BancSystem during the second quarter worth about $29,082,000. Finally, Wellington Management Group LLP raised its position in First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock worth $188,525,000 after acquiring an additional 1,003,021 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analysts Set New Price Targets

FIBK has been the topic of several recent research reports. Stephens cut shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Barclays decreased their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Friday, January 30th. Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. DA Davidson reaffirmed a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Finally, Piper Sandler upped 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. Three equities research 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, the company presently has an average rating of “Hold” and a consensus target price of $38.17.

First Interstate BancSystem Trading Up 0.8%

First Interstate BancSystem stock opened at $32.28 on Friday. The company has a 50 day moving average price of $36.16 and a 200 day moving average price of $34.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $39.26. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 10.94 and a beta of 0.77.

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, beating analysts’ consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company had revenue of $205.10 million during the quarter, compared to analyst estimates of $256.89 million. During the same quarter in the prior year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.8%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 63.73%.

Insiders Place Their Bets

In other news, major shareholder Jonathan R. Scott sold 3,173 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $36.20, for a total value of $114,862.60. Following the transaction, the insider owned 937,851 shares in the company, valued at $33,950,206.20. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is currently owned by company insiders.

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.