Rice Hall James & Associates LLC Invests $3.85 Million in First Interstate BancSystem, Inc. $FIBK

Rice Hall James & Associates LLC bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, Holdings Channel.com reports. The fund bought 99,913 shares of the financial services provider’s stock, valued at approximately $3,853,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital International Investors acquired a new position in First Interstate BancSystem in the 4th quarter worth about $92,504,000. State Street Corp grew its holdings in First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after purchasing an additional 1,254,321 shares during the period. Vanguard Group Inc. grew its holdings in First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after purchasing an additional 1,214,454 shares during the period. North Reef Capital Management LP grew its holdings in First Interstate BancSystem by 132.4% in the fourth quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock valued at $68,335,000 after purchasing an additional 1,124,999 shares during the period. Finally, Norges Bank purchased a new stake in shares of First Interstate BancSystem in the fourth quarter valued at approximately $38,029,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. DA Davidson reissued a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. UBS Group upped their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research report on Friday, May 1st. Finally, Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $36.83.

Insider Activity

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction dated 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 owned 488,359 shares in the company, valued at $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 32,392 shares of company stock worth $1,161,552. Insiders own 8.00% of the company’s stock.

First Interstate BancSystem Stock Down 0.7%

NASDAQ FIBK opened at $38.89 on Tuesday. The business has a fifty day moving average price of $38.10 and a 200 day moving average price of $36.15. First Interstate BancSystem, Inc. has a one year low of $29.10 and a one year high of $40.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market cap of $3.71 billion, a P/E ratio of 11.97 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 for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. During the same quarter last year, the firm posted $0.69 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is 57.85%.

First Interstate BancSystem Company 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.