Systematic Financial Management LP Invests $840,000 in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Systematic Financial Management LP acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 27,378 shares of the financial services provider’s stock, valued at approximately $840,000.

A number of other institutional investors also recently added to or reduced their stakes in FIBK. Point72 DIFC Ltd bought a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at about $34,000. Point72 Asset Management L.P. acquired a new stake in First Interstate BancSystem in the third quarter valued at approximately $273,000. Hotchkis & Wiley Capital Management LLC grew its holdings in First Interstate BancSystem by 100.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock worth $6,485,000 after purchasing an additional 105,670 shares during the last quarter. Holocene Advisors LP increased its position in shares of First Interstate BancSystem by 14.0% during the third quarter. Holocene Advisors LP now owns 74,469 shares of the financial services provider’s stock worth $2,285,000 after purchasing an additional 9,150 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $69,000. Institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FIBK. Barclays raised their price target on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday. Wells Fargo & Company raised their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Piper Sandler cut their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and raised their target price for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $35.17.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $34.46 on Friday. The business has a 50 day simple moving average of $32.35 and a 200 day simple moving average of $30.00. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 15.11 and a beta of 0.84. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the previous year, the company posted $0.70 EPS. On average, equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.47 dividend. The ex-dividend date was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.46%. First Interstate BancSystem’s payout ratio is currently 82.46%.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 over the last quarter. Corporate insiders own 6.90% of the company’s stock.

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.