Sei Investments Co. Buys 32,033 Shares of First Interstate BancSystem, Inc. $FIBK

Sei Investments Co. grew its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 7.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 465,495 shares of the financial services provider’s stock after purchasing an additional 32,033 shares during the period. Sei Investments Co. owned about 0.46% of First Interstate BancSystem worth $15,548,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FIBK. Northern Capital Management Inc. boosted its position in First Interstate BancSystem by 0.5% in the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after buying an additional 275 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of First Interstate BancSystem by 2.7% during the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after buying an additional 375 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of First Interstate BancSystem by 0.4% during the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after buying an additional 397 shares in the last quarter. First Horizon Corp increased its holdings in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after buying an additional 455 shares in the last quarter. Finally, Stockman Wealth Management Inc. lifted its stake in shares of First Interstate BancSystem by 0.5% in the 4th quarter. Stockman Wealth Management Inc. now owns 96,389 shares of the financial services provider’s stock valued at $3,335,000 after acquiring an additional 520 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the transaction, the insider owned 866,628 shares in the company, valued at $30,834,624.24. The trade was a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,392 shares of company stock worth $1,161,552 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FIBK shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Piper Sandler dropped their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Finally, DA Davidson restated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a report on Monday. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of “Hold” and an average target price of $37.33.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $38.46 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm’s fifty day simple moving average is $37.43 and its two-hundred day simple moving average is $36.05. First Interstate BancSystem, Inc. has a 12 month low of $27.60 and a 12 month high of $40.60. The stock has a market capitalization of $3.74 billion, a P/E ratio of 11.83 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The company had revenue of $99.10 million for the quarter, compared to the consensus estimate of $249.32 million. As a group, analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 4.9%. First Interstate BancSystem’s payout ratio is 57.85%.

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.