Victory Capital Management Inc. Acquires 960,372 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Victory Capital Management Inc. boosted its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 309.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,270,296 shares of the financial services provider’s stock after purchasing an additional 960,372 shares during the period. Victory Capital Management Inc. owned approximately 1.22% of First Interstate BancSystem worth $41,247,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FIBK. Wealth Enhancement Advisory Services LLC lifted its stake in First Interstate BancSystem by 20.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,874 shares of the financial services provider’s stock worth $395,000 after purchasing an additional 2,169 shares during the last quarter. Versor Investments LP bought a new stake in First Interstate BancSystem in the third quarter worth $914,000. Empower Advisory Group LLC raised its stake in shares of First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after acquiring an additional 21,191 shares during the last quarter. Quest Partners LLC raised its stake in shares of First Interstate BancSystem by 1,115.4% during the third quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider’s stock valued at $2,546,000 after acquiring an additional 76,169 shares during the last quarter. Finally, LMR Partners LLP bought a new position in shares of First Interstate BancSystem during the third quarter valued at about $579,000. 88.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other First Interstate BancSystem 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 sale, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.90% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $28.94 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $24.16 and a 1 year high of $36.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $31.89 and its 200 day moving average is $31.88. The stock has a market capitalization of $3.03 billion, a P/E ratio of 13.21 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, sell-side analysts expect 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 disclosed a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Monday, February 10th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.50%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 85.84%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FIBK shares. Stephens lowered their price objective on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Barclays upped their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods upped their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Finally, Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.14.

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.