Seven Eight Capital LP Invests $851,000 in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Seven Eight Capital LP purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,292 shares of the financial services provider’s stock, valued at approximately $851,000.

A number of other large investors also recently modified their holdings of FIBK. abrdn plc raised its stake in shares of First Interstate BancSystem by 8.4% in the fourth quarter. abrdn plc now owns 923,489 shares of the financial services provider’s stock valued at $28,397,000 after purchasing an additional 71,839 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of First Interstate BancSystem by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock valued at $28,630,000 after purchasing an additional 42,580 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of First Interstate BancSystem by 27.7% in the fourth quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock valued at $4,495,000 after purchasing an additional 31,710 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of First Interstate BancSystem by 25.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,099 shares of the financial services provider’s stock valued at $618,000 after purchasing an additional 4,040 shares in the last quarter. Finally, FourThought Financial Partners LLC acquired a new position in shares of First Interstate BancSystem in the fourth quarter valued at $208,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on FIBK. Barclays upped their target price on First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Wells Fargo & Company increased their price objective on First Interstate BancSystem from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. Piper Sandler increased their price objective on First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Stephens reiterated an “overweight” rating and set a $32.00 price objective on shares of First Interstate BancSystem in a research note on Monday, June 24th. Finally, StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.40.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 209,831 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the transaction, the insider now owns 879,869 shares in the company, valued at $22,251,887.01. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Julie A. Scott sold 209,831 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the transaction, the insider now owns 879,869 shares in the company, valued at $22,251,887.01. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the transaction, the director now owns 1,021,663 shares in the company, valued at approximately $25,837,857.27. The disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded up $0.74 during trading hours on Tuesday, hitting $32.31. 722,374 shares of the company’s stock were exchanged, compared to its average volume of 753,933. The stock’s 50-day moving average is $27.42 and its 200-day moving average is $27.07. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 12.58 and a beta of 0.82. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $0.57 EPS for the quarter, topping the consensus estimate of $0.53 by $0.04. The company had revenue of $242.20 million for the quarter, compared to analysts’ expectations of $236.80 million. First Interstate BancSystem had a return on equity of 8.51% and a net margin of 17.76%. As a group, research analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.82%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s payout ratio is presently 74.90%.

First Interstate BancSystem 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.