Wrapmanager Inc. Decreases Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wrapmanager Inc. lowered its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 10.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,336 shares of the financial services provider’s stock after selling 1,133 shares during the quarter. Wrapmanager Inc.’s holdings in First Interstate BancSystem were worth $287,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FIBK. FMR LLC raised its stake in shares of First Interstate BancSystem by 0.4% during the third quarter. FMR LLC now owns 6,451,758 shares of the financial services provider’s stock valued at $160,907,000 after purchasing an additional 28,343 shares during the period. Wellington Management Group LLP lifted its holdings in First Interstate BancSystem by 11.3% in the 3rd quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock worth $70,547,000 after buying an additional 286,160 shares in the last quarter. American Century Companies Inc. boosted its position in First Interstate BancSystem by 4.1% in the 3rd quarter. American Century Companies Inc. now owns 2,224,365 shares of the financial services provider’s stock valued at $55,476,000 after buying an additional 87,039 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of First Interstate BancSystem by 0.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,908,294 shares of the financial services provider’s stock valued at $47,593,000 after acquiring an additional 13,830 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of First Interstate BancSystem by 93.4% during the third quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock worth $35,580,000 after acquiring an additional 688,906 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Performance

FIBK stock traded down $0.13 during trading on Thursday, hitting $27.73. 523,464 shares of the company’s stock traded hands, compared to its average volume of 805,127. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 11.05 and a beta of 0.85. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $32.54. The stock has a fifty day moving average price of $26.31 and a two-hundred day moving average price of $26.92. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.88 annualized dividend and a yield of 6.78%. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Insiders Place Their Bets

In related news, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares in the company, valued at approximately $179,979.45. The sale was disclosed in a document filed with the SEC, which is available through this link. In other First Interstate BancSystem news, insider Lorrie F. Asker sold 1,921 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FIBK shares. Piper Sandler raised their price objective on First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods increased their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 26th. Barclays raised their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Finally, TheStreet lowered shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.20.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.