Versor Investments LP Sells 14,800 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Versor Investments LP reduced its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 49.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,000 shares of the financial services provider’s stock after selling 14,800 shares during the quarter. Versor Investments LP’s holdings in First Interstate BancSystem were worth $487,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Creative Planning boosted its position in First Interstate BancSystem by 23.0% in the 3rd quarter. Creative Planning now owns 30,033 shares of the financial services provider’s stock valued at $921,000 after buying an additional 5,618 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in First Interstate BancSystem by 20.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,874 shares of the financial services provider’s stock worth $395,000 after purchasing an additional 2,169 shares during the period. Empower Advisory Group LLC raised its holdings in First Interstate BancSystem by 4.8% during the 3rd quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock worth $14,318,000 after purchasing an additional 21,191 shares during the last quarter. Quest Partners LLC lifted its position in First Interstate BancSystem by 1,115.4% during the 3rd quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider’s stock valued at $2,546,000 after purchasing an additional 76,169 shares during the period. Finally, LMR Partners LLP bought a new position in shares of First Interstate BancSystem in the 3rd quarter valued at about $579,000. 88.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the transaction, the director now directly owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on FIBK. UBS Group started coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target for the company. Piper Sandler cut their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Barclays upped their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company raised their target price on First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $36.14.

First Interstate BancSystem Stock Up 0.5 %

Shares of FIBK stock opened at $30.70 on Friday. The firm’s fifty day moving average price is $32.23 and its two-hundred day moving average price is $31.87. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a 1 year low of $24.16 and a 1 year high of $36.77. The firm has a market capitalization of $3.21 billion, a P/E ratio of 14.02 and a beta of 0.85.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.12%. The ex-dividend date was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio is currently 85.84%.

About First Interstate BancSystem

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.