Cramer Rosenthal Mcglynn LLC Buys New Position in First Interstate BancSystem, Inc. $FIBK

Cramer Rosenthal Mcglynn LLC purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 921,900 shares of the financial services provider’s stock, valued at approximately $29,381,000. First Interstate BancSystem comprises about 1.8% of Cramer Rosenthal Mcglynn LLC’s portfolio, making the stock its 16th biggest position.

Other hedge funds also recently made changes to their positions in the company. Vestmark Advisory Solutions Inc. acquired a new position in First Interstate BancSystem during the third quarter worth $895,000. Norges Bank acquired a new stake in First Interstate BancSystem in the 2nd quarter valued at $29,082,000. HoldCo Asset Management LP bought a new stake in First Interstate BancSystem during the 2nd quarter worth about $102,890,000. Vanguard Group Inc. boosted its stake in shares of First Interstate BancSystem by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,833,965 shares of the financial services provider’s stock worth $281,538,000 after buying an additional 64,371 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of First Interstate BancSystem during the 3rd quarter worth about $5,235,000. 88.71% of the stock is owned by institutional investors.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 1,827 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total value of $67,452.84. Following the transaction, the insider owned 936,024 shares in the company, valued at approximately $34,558,006.08. This represents a 0.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FIBK. Piper Sandler upped their target price on First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Weiss Ratings upgraded First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Wall Street Zen cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Sunday, February 15th. Finally, UBS Group restated a “neutral” rating and set a $38.00 target price on shares of First Interstate BancSystem in a report on Wednesday, February 4th. Four 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.com, the company has an average rating of “Hold” and a consensus price target of $38.17.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $35.00 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.60 billion, a P/E ratio of 11.86 and a beta of 0.77. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $39.26. The stock has a 50 day moving average of $36.68 and a 200-day moving average of $33.93.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The business had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $256.89 million. During the same quarter in the prior year, the business earned $0.50 EPS. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 5.4%. First Interstate BancSystem’s payout ratio is presently 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.