Brown Advisory Inc. Grows Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Brown Advisory Inc. increased its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 19.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,006,043 shares of the financial services provider's stock after acquiring an additional 164,314 shares during the quarter. Brown Advisory Inc. owned approximately 0.96% of First Interstate BancSystem worth $32,666,000 as of its most recent SEC filing.

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

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of the company's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares of the company's stock, valued at $46,068,688.16. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on FIBK. Wells Fargo & Company reduced their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research note on Wednesday, April 9th. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Stephens dropped their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. Barclays reduced 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. Finally, StockNews.com downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $35.00.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock traded down $0.26 during midday trading on Friday, hitting $26.97. 873,085 shares of the company's stock were exchanged, compared to its average volume of 658,640. The stock has a 50-day moving average price of $27.28 and a two-hundred day moving average price of $30.82. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The company has a market cap of $2.82 billion, a P/E ratio of 12.32 and a beta of 0.76. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The company had revenue of $42.00 million during the quarter, compared to the consensus estimate of $253.50 million. During the same quarter last year, the company posted $0.57 earnings per share. The firm's revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current 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 given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.97%. The ex-dividend date is Monday, May 12th. First Interstate BancSystem's dividend payout ratio (DPR) is currently 89.10%.

First Interstate BancSystem 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.