Northern Trust Corp Purchases 18,366 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Northern Trust Corp raised its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 2.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 856,674 shares of the financial services provider's stock after acquiring an additional 18,366 shares during the quarter. Northern Trust Corp owned about 0.82% of First Interstate BancSystem worth $27,816,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. FMR LLC raised its position in First Interstate BancSystem by 35.5% in the 4th 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 last quarter. Wellington Management Group LLP increased its stake in shares of 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 valued at $78,760,000 after buying an additional 1,137,401 shares during the period. Victory Capital Management Inc. increased its position in First Interstate BancSystem by 309.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider's stock worth $41,247,000 after purchasing an additional 960,372 shares during the period. Norges Bank acquired a new position in First Interstate BancSystem during the 4th quarter valued at about $24,137,000. Finally, Jennison Associates LLC boosted its stake 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 last quarter. 88.71% of the stock is owned by institutional investors.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the business's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares of the company's stock, valued at approximately $46,068,688.16. The trade was a 0.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FIBK. Piper Sandler cut their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday. Stephens reduced their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Barclays decreased their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. Finally, DA Davidson reissued a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $35.00.

First Interstate BancSystem Stock Down 1.3%

NASDAQ FIBK traded down $0.38 during trading hours on Wednesday, hitting $27.83. 959,264 shares of the company traded hands, compared to its average volume of 664,156. 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 business's 50-day moving average is $27.21 and its 200-day moving average is $30.73. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.71 and a beta of 0.76. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its 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 net margin of 15.94% and a return on equity of 6.92%. The firm 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 posted $0.57 earnings per share. The firm's revenue for the quarter was up 2.0% compared to the same quarter last year. Sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Monday, May 12th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date is Monday, May 12th. First Interstate BancSystem's payout ratio is presently 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.