Norges Bank Invests $38.03 Million in First Interstate BancSystem, Inc. $FIBK

Key Points

• Norges Bank disclosed a new position in First Interstate BancSystem, buying 1,099,110 shares worth about $38.03 million and owning roughly 1.07% of the bank.
• Institutional ownership remains high, with hedge funds and other investors holding 88.71% of the stock. Several major funds, including Vanguard and Wellington, also increased their stakes recently.
• Analysts are mixed on FIBK: the stock currently carries a Hold consensus rating with an average price target of $37, while the company also pays a quarterly dividend of $0.47 per share, yielding about 5.3%.

Norges Bank acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,099,110 shares of the financial services provider's stock, valued at approximately $38,029,000. Norges Bank owned approximately 1.07% of First Interstate BancSystem at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FIBK. Vanguard Group Inc. raised its position in shares of First Interstate BancSystem by 13.7% during the 4th 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 in the last quarter. Azora Capital LP raised its position in shares of First Interstate BancSystem by 1,538.7% during the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider's stock valued at $40,656,000 after buying an additional 1,197,843 shares in the last quarter. UBS Group AG raised its position in shares of First Interstate BancSystem by 140.5% during the 3rd quarter. UBS Group AG now owns 1,754,104 shares of the financial services provider's stock valued at $55,903,000 after buying an additional 1,024,683 shares in the last quarter. Wellington Management Group LLP raised its position in shares of 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 valued at $188,525,000 after buying an additional 1,003,021 shares in the last quarter. Finally, Cramer Rosenthal Mcglynn LLC purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at about $29,381,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares of the company's stock, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FIBK shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and decreased their price target for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 15th. Wells Fargo & Company increased their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 30th. Finally, Piper Sandler decreased their price target on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $37.00.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $35.57 on Tuesday. The firm has a market cap of $3.46 billion, a PE ratio of 11.59 and a beta of 0.76. The firm's 50 day simple moving average is $34.71 and its 200-day simple moving average is $35.12. First Interstate BancSystem, Inc. has a one year low of $25.81 and a one year high of $39.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter last year, the firm posted $0.49 earnings per share. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem's payout ratio is currently 61.24%.

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.

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