California State Teachers Retirement System Purchases 30,614 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• California State Teachers Retirement System increased its First Interstate BancSystem stake by 36.9%, purchasing 30,614 shares to own 113,551 shares valued at approximately $3.8 million. Institutional investors collectively hold 88.71% of the company.
• First Interstate BancSystem reported quarterly EPS of $0.87, exceeding analysts’ $0.69 estimate, while revenue rose 6.4% year over year to $263.9 million. The company also declared a quarterly dividend of $0.47, representing a 5.0% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $37.17 target price versus the stock’s reported $37.53 market price. Company insiders sold 32,392 shares worth approximately $1.16 million during the latest quarter.

California State Teachers Retirement System lifted its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 36.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,551 shares of the financial services provider's stock after acquiring an additional 30,614 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of First Interstate BancSystem worth $3,793,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider's stock valued at $347,675,000 after buying an additional 1,214,454 shares during the period. Wellington Management Group LLP grew its holdings in First Interstate BancSystem by 20.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider's stock worth $188,525,000 after acquiring an additional 1,003,021 shares during the last quarter. Dimensional Fund Advisors LP increased its position in First Interstate BancSystem by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider's stock valued at $188,066,000 after acquiring an additional 231,405 shares during the period. State Street Corp raised its stake in shares of First Interstate BancSystem by 29.7% during the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider's stock valued at $189,686,000 after acquiring an additional 1,254,321 shares during the last quarter. Finally, Capital International Investors acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth $92,504,000. Institutional investors own 88.71% of the company's stock.

Insider Activity

In other news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company's stock, valued at $17,566,273.23. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares of the company's stock, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 32,392 shares of company stock worth $1,161,552 in the last quarter. Company insiders own 8.00% of the company's stock.

First Interstate BancSystem Trading Up 0.3%

NASDAQ FIBK opened at $37.53 on Friday. The stock has a market capitalization of $3.65 billion, a P/E ratio of 11.55 and a beta of 0.76. The business has a 50 day simple moving average of $37.71 and a 200 day simple moving average of $36.10. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.70. First Interstate BancSystem, Inc. has a one year low of $28.64 and a one year high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.18. The firm had revenue of $263.90 million for the quarter, compared to analysts' expectations of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 EPS. Research analysts expect that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, August 4th. First Interstate BancSystem's payout ratio is 57.85%.

Analysts Set New Price Targets

A number of analysts recently weighed in on FIBK shares. UBS Group increased their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a report on Friday, May 1st. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. Finally, DA Davidson reissued a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, First Interstate BancSystem has a consensus rating of "Reduce" and a consensus target price of $37.17.

First Interstate BancSystem Profile

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.

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