FJ Capital Management LLC Makes New $19.96 Million Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

FJ Capital Management LLC purchased a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 614,716 shares of the financial services provider's stock, valued at approximately $19,960,000. First Interstate BancSystem accounts for approximately 2.3% of FJ Capital Management LLC's holdings, making the stock its 17th largest holding. FJ Capital Management LLC owned about 0.59% of First Interstate BancSystem at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Evergreen Capital Management LLC increased its stake in First Interstate BancSystem by 1.9% during the 4th quarter. Evergreen Capital Management LLC now owns 24,580 shares of the financial services provider's stock valued at $798,000 after purchasing an additional 468 shares in the last quarter. Covestor Ltd increased its stake in First Interstate BancSystem by 25.8% during the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 510 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in First Interstate BancSystem by 7.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,872 shares of the financial services provider's stock valued at $385,000 after purchasing an additional 807 shares in the last quarter. Swiss National Bank increased its stake in 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 valued at $6,008,000 after purchasing an additional 1,000 shares in the last quarter. Finally, KBC Group NV increased its stake in First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock valued at $130,000 after purchasing an additional 1,022 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK traded down $0.10 during midday trading on Tuesday, reaching $28.21. 616,024 shares of the company were exchanged, compared to its average volume of 661,826. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The business's fifty day moving average is $27.22 and its two-hundred day moving average is $30.75. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The stock has a market cap of $2.95 billion, a PE ratio of 12.88 and a beta of 0.76.

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). The business had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. First Interstate BancSystem's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 EPS. As a group, analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.66%. The ex-dividend date is Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the company'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 transaction, the director now directly owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 8.20% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Piper Sandler reduced 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. DA Davidson reiterated a "buy" rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Barclays reduced 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 research note on Tuesday, April 8th. Wells Fargo & Company cut their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research report on Wednesday, April 9th. Finally, Stephens cut their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $35.00.

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.