Russell Investments Group Ltd. Raises Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)


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Russell Investments Group Ltd. grew its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 27.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 524,022 shares of the financial services provider’s stock after buying an additional 111,271 shares during the period. Russell Investments Group Ltd.’s holdings in First Interstate BancSystem were worth $21,360,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in First Interstate BancSystem by 10.6% during the 4th quarter. BlackRock Inc. now owns 3,175,613 shares of the financial services provider’s stock valued at $129,471,000 after buying an additional 305,409 shares in the last quarter. Bahl & Gaynor Inc. raised its position in First Interstate BancSystem by 1.5% during the fourth quarter. Bahl & Gaynor Inc. now owns 569,432 shares of the financial services provider’s stock worth $23,215,000 after acquiring an additional 8,396 shares during the period. Ceredex Value Advisors LLC grew its holdings in shares of First Interstate BancSystem by 1.0% during the fourth quarter. Ceredex Value Advisors LLC now owns 542,484 shares of the financial services provider’s stock worth $22,117,000 after buying an additional 5,575 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of First Interstate BancSystem by 0.8% during the third quarter. Principal Financial Group Inc. now owns 352,848 shares of the financial services provider’s stock worth $11,238,000 after buying an additional 2,874 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of First Interstate BancSystem by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 286,037 shares of the financial services provider’s stock worth $9,111,000 after buying an additional 8,766 shares in the last quarter. Hedge funds and other institutional investors own 51.27% of the company’s stock.

FIBK opened at $45.93 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.80. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 17.73 and a beta of 1.14. The business has a 50-day moving average of $42.08 and a two-hundred day moving average of $37.35. First Interstate BancSystem, Inc. has a 12 month low of $24.50 and a 12 month high of $46.28.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, January 27th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.03). First Interstate BancSystem had a net margin of 23.85% and a return on equity of 8.42%. Equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.58 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 19th. Investors of record on Tuesday, February 9th were paid a dividend of $0.41 per share. This is an increase from First Interstate BancSystem’s previous quarterly dividend of $0.20. This represents a $1.64 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Monday, February 8th. First Interstate BancSystem’s dividend payout ratio is presently 53.42%.

In other news, Director Jonathan R. Scott sold 12,500 shares of the company’s stock in a transaction on Thursday, February 4th. The stock was sold at an average price of $41.00, for a total transaction of $512,500.00. Following the completion of the sale, the director now directly owns 2,371 shares of the company’s stock, valued at $97,211. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Jeremy Scott sold 8,378 shares of the stock in a transaction dated Wednesday, February 17th. The stock was sold at an average price of $44.05, for a total value of $369,050.90. The disclosure for this sale can be found here. In the last three months, insiders sold 471,722 shares of company stock valued at $18,918,753. Company insiders own 21.99% of the company’s stock.

A number of equities research analysts recently issued reports on FIBK shares. Wells Fargo & Company lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $39.00 to $41.00 in a report on Monday, January 4th. Stephens started coverage on shares of First Interstate BancSystem in a report on Friday, January 15th. They issued an “overweight” rating on the stock. Zacks Investment Research upgraded shares of First Interstate BancSystem from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Monday, February 8th. Finally, Piper Sandler raised their target price on shares of First Interstate BancSystem from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $41.50.

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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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