Victory Capital Management Inc. Sells 34,874 Shares of First Interstate BancSystem, Inc. $FIBK

Victory Capital Management Inc. lessened its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,989,203 shares of the financial services provider’s stock after selling 34,874 shares during the period. Victory Capital Management Inc.’s holdings in First Interstate BancSystem were worth $63,396,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. First Horizon Corp acquired a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after buying an additional 862 shares in the last quarter. Jones Financial Companies Lllp raised its position in First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,500 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in First Interstate BancSystem in the 3rd quarter valued at approximately $75,000. Finally, State of Alaska Department of Revenue acquired a new position in First Interstate BancSystem during the 3rd quarter worth approximately $131,000. 88.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FIBK. Keefe, Bruyette & Woods increased their target price on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Weiss Ratings upgraded shares of First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Piper Sandler raised their price objective on First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Barclays lowered their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Friday, January 30th. Finally, DA Davidson reiterated a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.17.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total transaction of $67,452.84. Following the completion of the sale, the insider owned 936,024 shares in the company, valued at $34,558,006.08. The trade was a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by company insiders.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $35.00 on Friday. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $39.26. The stock has a 50 day moving average of $36.68 and a 200-day moving average of $33.93. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.60 billion, a P/E ratio of 11.86 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $256.89 million. During the same period in the previous year, the business posted $0.50 earnings per share. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is currently 63.73%.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.