OMERS ADMINISTRATION Corp Purchases New Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

OMERS ADMINISTRATION Corp purchased a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 made changes to their positions in the stock. Swiss National Bank boosted its position in shares of First Interstate BancSystem by 0.5% during the 4th quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock worth $6,008,000 after purchasing an additional 1,000 shares during the period. Barclays PLC lifted its stake in First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider's stock worth $6,326,000 after purchasing an additional 32,298 shares in the last quarter. Jennison Associates LLC boosted its position in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after buying an additional 654,688 shares during the period. Natixis Advisors LLC purchased a new position in shares of First Interstate BancSystem during the fourth quarter worth $1,366,000. Finally, JPMorgan Chase & Co. grew its stake in shares of First Interstate BancSystem by 3.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider's stock valued at $95,360,000 after buying an additional 107,774 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Stephens decreased 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 reduced their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 8th. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company cut 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 research note on Wednesday, April 9th. Finally, DA Davidson reiterated a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 30th. Two equities research 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's stock. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of "Hold" and an average price target of $35.00.

First Interstate BancSystem Stock Up 0.5%

FIBK stock traded up $0.14 during mid-day trading on Friday, reaching $26.61. The company had a trading volume of 1,024,997 shares, compared to its average volume of 670,885. The firm has a fifty day simple moving average of $27.05 and a 200 day simple moving average of $30.56. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 12.15 and a beta of 0.76. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released 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). The firm had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The firm's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 earnings per share. Analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 7.07%. The ex-dividend date of this dividend was Monday, May 12th. 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.