Rice Hall James & Associates LLC Takes Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Rice Hall James & Associates LLC acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 86,085 shares of the financial services provider's stock, valued at approximately $2,466,000. Rice Hall James & Associates LLC owned 0.08% of First Interstate BancSystem at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Wood Tarver Financial Group LLC purchased a new position in First Interstate BancSystem in the 4th quarter valued at approximately $26,000. JNBA Financial Advisors purchased a new stake in First Interstate BancSystem during the first quarter worth $29,000. Meeder Asset Management Inc. acquired a new stake in First Interstate BancSystem in the fourth quarter valued at $69,000. Covestor Ltd increased its position 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 in the last quarter. Finally, Sterling Capital Management LLC increased its position in shares of First Interstate BancSystem by 826.3% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

Analyst Ratings Changes

FIBK has been the topic of several recent research reports. Wells Fargo & Company boosted their price objective on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a research report on Monday, June 23rd. Finally, Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $35.43.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $31.11, for a total value of $1,711,050.00. Following the sale, the insider directly owned 584,256 shares of the company's stock, valued at approximately $18,176,204.16. This trade represents a 8.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.20% of the company's stock.

First Interstate BancSystem Trading Up 0.5%

Shares of FIBK traded up $0.15 on Wednesday, hitting $30.14. 593,802 shares of the stock traded hands, compared to its average volume of 720,273. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The stock's 50 day moving average is $28.16 and its two-hundred day moving average is $29.13. The firm has a market capitalization of $3.16 billion, a P/E ratio of 14.28 and a beta of 0.79. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly 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). First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The business had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. During the same period in the prior year, the company earned $0.57 EPS. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 annualized dividend and a yield of 6.24%. First Interstate BancSystem's payout ratio 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.