Norges Bank Invests $38.03 Million in First Interstate BancSystem, Inc. $FIBK

Norges Bank purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,099,110 shares of the financial services provider’s stock, valued at approximately $38,029,000.

A number of other large investors have also modified their holdings of FIBK. AQR Capital Management LLC grew its stake in shares of First Interstate BancSystem by 37.2% during the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock worth $1,926,000 after acquiring an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock valued at $1,353,000 after acquiring an additional 2,070 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of First Interstate BancSystem in the 1st quarter valued at $238,000. Jones Financial Companies Lllp increased its position in shares of First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock valued at $708,000 after acquiring an additional 24,596 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of First Interstate BancSystem in the 1st quarter valued at $5,125,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $35.57 on Tuesday. First Interstate BancSystem, Inc. has a one year low of $25.81 and a one year high of $39.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 11.59 and a beta of 0.76. The firm’s fifty day moving average is $34.71 and its two-hundred day moving average is $35.12.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The business had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. During the same quarter in the prior year, the firm posted $0.49 EPS. Research analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.3%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio is currently 61.24%.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the sale, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 8.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. UBS Group upped their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and cut their price target for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.00.

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.