Picton Mahoney Asset Management Makes New $402,000 Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Picton Mahoney Asset Management purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 13,048 shares of the financial services provider’s stock, valued at approximately $402,000.

A number of other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of First Interstate BancSystem by 4.8% during 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. FourThought Financial Partners LLC bought a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $208,000. Victory Capital Management Inc. lifted its stake in shares of First Interstate BancSystem by 22.3% in the 4th quarter. Victory Capital Management Inc. now owns 347,922 shares of the financial services provider’s stock worth $10,699,000 after acquiring an additional 63,486 shares during the period. South Dakota Investment Council boosted its holdings in shares of First Interstate BancSystem by 44.7% in the fourth quarter. South Dakota Investment Council now owns 68,244 shares of the financial services provider’s stock valued at $2,099,000 after acquiring an additional 21,077 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at approximately $39,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Price Performance

FIBK opened at $27.86 on Thursday. First Interstate BancSystem, Inc. has a 12-month low of $20.81 and a 12-month high of $32.54. The stock has a market capitalization of $2.90 billion, a P/E ratio of 11.10 and a beta of 0.85. The stock has a 50-day moving average price of $26.28 and a 200-day moving average price of $26.91. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be given a $0.47 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.75%. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

Analyst Ratings Changes

A number of brokerages have commented on FIBK. TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. Keefe, Bruyette & Woods lifted their price target on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, April 26th. Stephens reiterated an “overweight” rating and issued a $32.00 price target on shares of First Interstate BancSystem in a research report on Thursday, April 25th. Wells Fargo & Company increased their target price on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Piper Sandler lifted their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $30.20.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Lorrie F. Asker sold 1,921 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total value of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The disclosure for this sale can be found here. 6.90% of the stock is owned by company insiders.

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.