Teachers Retirement System of The State of Kentucky Makes New Investment in First Interstate BancSystem, Inc. $FIBK

Key Points

• Teachers Retirement System of Kentucky bought 66,359 shares of First Interstate BancSystem (FIBK) in Q3, a stake worth about $2.12 million that leaves the plan owning roughly 0.06% of the company while institutional investors hold ~88.7% of the stock.
• Strong quarterly results: FIBK reported $1.08 EPS vs. $0.64 expected and revenue up 19.8% year-over-year, and it pays a $1.88 annual dividend (5.4% yield) with a 63.7% payout ratio.
• Analyst sentiment is mixed—four Buys, three Holds and one Sell—resulting in a consensus "Hold" rating and a $38.17 average price target.

Teachers Retirement System of The State of Kentucky acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 66,359 shares of the financial services provider's stock, valued at approximately $2,115,000. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of First Interstate BancSystem at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FIBK. AQR Capital Management LLC lifted its position in First Interstate BancSystem by 37.2% in the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock worth $1,926,000 after purchasing an additional 18,210 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Interstate BancSystem by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock valued at $1,353,000 after buying an additional 2,070 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in First Interstate BancSystem during the first quarter worth about $238,000. Jones Financial Companies Lllp lifted its holdings in First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock valued at $708,000 after acquiring an additional 24,596 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in First Interstate BancSystem in the 1st quarter valued at about $5,125,000. Institutional investors own 88.71% of the company's stock.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 3,173 shares of the company's stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $36.20, for a total value of $114,862.60. Following the transaction, the insider directly owned 937,851 shares of the company's stock, valued at $33,950,206.20. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Weiss Ratings upgraded shares of First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday. Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Sunday, February 15th. Barclays cut their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating for the company in a research report on Friday, January 30th. Keefe, Bruyette & Woods increased their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Wednesday, December 17th. Finally, Stephens cut First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a research note on Thursday, February 5th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $38.17.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $35.00 on Friday. The business's 50-day moving average is $36.68 and its 200-day moving average is $33.93. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 11.86 and a beta of 0.77. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. During the same period in the previous year, the firm posted $0.50 earnings per share. The firm's revenue was up 19.8% on a year-over-year basis. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.4%. First Interstate BancSystem's dividend payout ratio is 63.73%.

First Interstate BancSystem Company Profile

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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