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

Wrapmanager Inc. trimmed its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 11.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,966 shares of the financial services provider’s stock after selling 1,013 shares during the period. Wrapmanager Inc.’s holdings in First Interstate BancSystem were worth $259,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in shares of First Interstate BancSystem in the third quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First Interstate BancSystem in the third quarter valued at about $69,000. KBC Group NV raised its holdings in First Interstate BancSystem by 34.1% during the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,022 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in First Interstate BancSystem during the third quarter worth about $273,000. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in First Interstate BancSystem by 5.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 507 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FIBK has been the subject of several analyst reports. DA Davidson reissued a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler cut their price target on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. Finally, UBS Group started coverage on shares of First Interstate BancSystem in a report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Hold” and an average target price of $36.14.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares in the company, valued at $46,068,688.16. This represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Trading Down 0.9 %

Shares of FIBK opened at $30.47 on Wednesday. The firm’s 50-day moving average is $32.38 and its two-hundred day moving average is $31.83. The firm has a market capitalization of $3.19 billion, a P/E ratio of 13.91 and a beta of 0.85. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $36.77. 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 (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 6.17%. First Interstate BancSystem’s dividend payout ratio is presently 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.