First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 78.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,550 shares of the financial services provider's stock after selling 123,899 shares during the period. Russell Investments Group Ltd.'s holdings in First Interstate BancSystem were worth $1,062,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Raymond James & Associates raised its holdings in shares of First Interstate BancSystem by 4.9% in the 3rd quarter. Raymond James & Associates now owns 18,532 shares of the financial services provider's stock valued at $462,000 after purchasing an additional 871 shares in the last quarter. Teacher Retirement System of Texas raised its stake in First Interstate BancSystem by 37.7% in the third quarter. Teacher Retirement System of Texas now owns 12,153 shares of the financial services provider's stock worth $303,000 after buying an additional 3,328 shares in the last quarter. Bahl & Gaynor Inc. lifted its holdings in First Interstate BancSystem by 2.2% during the third quarter. Bahl & Gaynor Inc. now owns 704,986 shares of the financial services provider's stock worth $17,582,000 after buying an additional 15,092 shares during the period. Signaturefd LLC increased its holdings in shares of First Interstate BancSystem by 22.0% in the 3rd quarter. Signaturefd LLC now owns 3,886 shares of the financial services provider's stock valued at $97,000 after acquiring an additional 700 shares during the period. Finally, Empower Advisory Group LLC increased its holdings in shares of First Interstate BancSystem by 7.8% in the 3rd quarter. Empower Advisory Group LLC now owns 394,255 shares of the financial services provider's stock valued at $9,833,000 after acquiring an additional 28,554 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FIBK has been the topic of a number of recent research reports. Piper Sandler raised their price objective on First Interstate BancSystem from $32.00 to $37.00 and gave the company an "overweight" rating in a research report on Monday, April 29th. Barclays lifted their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock an "equal weight" rating in a research report on Friday, April 26th. Stephens reissued an "overweight" rating and set a $32.00 target price on shares of First Interstate BancSystem in a research report on Thursday, April 25th. Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a "market perform" rating in a research note on Friday, April 26th. Finally, TheStreet downgraded First Interstate BancSystem from a "b-" rating to a "c+" rating in a research report on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem has an average rating of "Hold" and an average price target of $30.20.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK traded up $0.24 during trading hours on Friday, hitting $27.89. 446,116 shares of the company were exchanged, compared to its average volume of 598,452. The company's 50 day moving average price is $26.43 and its 200-day moving average price is $27.16. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 11.11 and a beta of 0.85. First Interstate BancSystem, Inc. has a 52-week low of $20.81 and a 52-week high of $32.54. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.04. The firm had revenue of $242.20 million for the quarter, compared to the consensus estimate of $236.80 million. First Interstate BancSystem had a return on equity of 8.51% and a net margin of 17.76%. As a group, research analysts forecast that First Interstate BancSystem, Inc. will post 2.25 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.74%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem's payout ratio is 74.90%.

Insider Buying and Selling

In other news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the sale, the executive vice president now owns 20,599 shares in the company, valued at $551,229.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the firm's stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the sale, the executive vice president now directly owns 20,599 shares of the company's stock, valued at $551,229.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Lorrie F. Asker sold 1,921 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total value of $50,042.05. Following the transaction, the insider now owns 6,909 shares of the company's stock, valued at $179,979.45. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company's stock.

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.