46,764 Shares in First Interstate BancSystem, Inc. $FIBK Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 1st quarter, Holdings Channel.com reports. The fund purchased 46,764 shares of the financial services provider’s stock, valued at approximately $1,562,000.

Other large investors have also recently added to or reduced their stakes in the company. Northern Capital Management Inc. grew its position in shares of First Interstate BancSystem by 0.5% in the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after acquiring an additional 275 shares during the period. HighTower Advisors LLC increased its stake in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after purchasing an additional 375 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after purchasing an additional 397 shares during the period. First Horizon Corp raised its holdings in shares of First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares during the period. Finally, GAMMA Investing LLC lifted its stake in First Interstate BancSystem by 49.6% in the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 516 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $38.97 on Wednesday. The firm has a 50-day moving average of $36.93 and a 200-day moving average of $35.96. 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 stock has a market cap of $3.79 billion, a PE ratio of 12.69 and a beta of 0.76. First Interstate BancSystem, Inc. has a 52-week low of $27.60 and a 52-week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. 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 business earned $0.49 EPS. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s payout ratio is currently 61.24%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FIBK. UBS Group lifted their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Piper Sandler dropped their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Wells Fargo & Company raised their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday, March 30th. Finally, Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.33.

Insider Buying and Selling

In other news, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The transaction 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 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares in the company, valued at $31,286,625.12. The trade was a 0.52% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 32,392 shares of company stock valued at $1,161,552. Corporate insiders own 8.00% of the company’s stock.

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.