Rice Hall James & Associates LLC Buys Shares of 86,085 First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Rice Hall James & Associates LLC purchased a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 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 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wood Tarver Financial Group LLC purchased a new stake in First Interstate BancSystem during the fourth quarter valued at about $26,000. JNBA Financial Advisors purchased a new stake in First Interstate BancSystem during the first quarter valued at about $29,000. Meeder Asset Management Inc. purchased a new stake in First Interstate BancSystem during the fourth quarter valued at about $69,000. Covestor Ltd boosted its position in First Interstate BancSystem by 25.8% during 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 during the period. Finally, Sterling Capital Management LLC boosted its position in First Interstate BancSystem by 826.3% during 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 during the period. 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 Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the completion of the transaction, the insider 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FIBK has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a report on Thursday, July 10th. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a report on Monday, June 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, First Interstate BancSystem presently has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Trading Down 0.1%

FIBK stock traded down $0.02 during trading on Friday, reaching $30.75. The company had a trading volume of 231,695 shares, compared to its average volume of 819,545. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $36.77. The company has a market cap of $3.23 billion, a P/E ratio of 14.59 and a beta of 0.79. The business has a 50 day moving average of $28.16 and a 200 day moving average of $29.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) 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 company had revenue of $42.00 million during the quarter, compared to the consensus estimate of $253.50 million. During the same period in the previous year, the company earned $0.57 earnings per share. First Interstate BancSystem's quarterly revenue was up 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.11%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem's payout ratio is currently 89.10%.

First Interstate BancSystem Company 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.