OMERS ADMINISTRATION Corp Invests $360,000 in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

OMERS ADMINISTRATION Corp purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,100 shares of the financial services provider's stock, valued at approximately $360,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its stake in shares of First Interstate BancSystem by 35.5% in the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock worth $220,352,000 after purchasing an additional 1,778,269 shares during the period. Wellington Management Group LLP raised its position in First Interstate BancSystem by 88.3% in the 4th quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock worth $78,760,000 after purchasing an additional 1,137,401 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of First Interstate BancSystem by 309.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock valued at $41,247,000 after acquiring an additional 960,372 shares during the last quarter. Norges Bank acquired a new position in shares of First Interstate BancSystem during the 4th quarter worth about $24,137,000. Finally, Jennison Associates LLC raised its holdings in shares of First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock valued at $50,020,000 after purchasing an additional 654,688 shares during the period. 88.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

FIBK has been the topic of several recent research reports. Wells Fargo & Company lowered their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, April 9th. DA Davidson reiterated a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, January 30th. 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. Barclays reduced their price objective on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, First Interstate BancSystem currently has a consensus rating of "Hold" and a consensus price target of $35.00.

First Interstate BancSystem Trading Up 0.5%

First Interstate BancSystem stock traded up $0.14 during midday trading on Friday, hitting $26.61. 1,024,997 shares of the stock were exchanged, compared to its average volume of 671,035. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 12.15 and a beta of 0.76. The stock's 50-day simple moving average is $27.01 and its 200 day simple moving average is $30.49. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $42.00 million during the quarter, compared to analyst estimates of $253.50 million. During the same quarter last year, the firm posted $0.57 EPS. The company's revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were issued a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 7.07%. First Interstate BancSystem's dividend payout ratio (DPR) is 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.