Balyasny Asset Management L.P. Sells 689,620 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Balyasny Asset Management L.P. cut its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 61.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 423,925 shares of the financial services provider's stock after selling 689,620 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.41% of First Interstate BancSystem worth $13,765,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Meeder Asset Management Inc. acquired a new stake in First Interstate BancSystem in the 4th quarter valued at $69,000. Covestor Ltd raised its holdings in shares of First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock worth $81,000 after acquiring an additional 510 shares during the last quarter. Sterling Capital Management LLC lifted its position in First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock valued at $81,000 after acquiring an additional 2,231 shares in the last quarter. KBC Group NV boosted its stake in First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock valued at $130,000 after purchasing an additional 1,022 shares during the last quarter. Finally, Cibc World Markets Corp bought a new stake in First Interstate BancSystem during the 4th quarter worth approximately $241,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. DA Davidson reiterated a "buy" rating and issued a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 30th. Stephens cut their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Barclays decreased their price target on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler cut their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Finally, StockNews.com upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and a consensus target price of $35.00.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the transaction, the director now directly owns 1,414,886 shares of the company's stock, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 8.20% of the stock is owned by company insiders.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock traded down $0.26 during trading hours on Friday, reaching $26.97. The company had a trading volume of 873,085 shares, compared to its average volume of 659,090. The firm has a market cap of $2.82 billion, a PE ratio of 12.32 and a beta of 0.76. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day simple moving average of $27.23 and a 200 day simple moving average of $30.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. The company had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. During the same period in the previous year, the firm earned $0.57 EPS. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.97%. The ex-dividend date of this dividend is Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.