Sei Investments Co. Has $15.55 Million Stock Position in First Interstate BancSystem, Inc. $FIBK

Sei Investments Co. boosted its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 7.4% during the 1st quarter, Holdings Channel reports. The fund owned 465,495 shares of the financial services provider’s stock after buying an additional 32,033 shares during the period. Sei Investments Co.’s holdings in First Interstate BancSystem were worth $15,548,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $25,000. Kestra Advisory Services LLC bought a new position in shares of First Interstate BancSystem in the 4th quarter worth $29,000. EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the period. First Horizon Corp grew its position in First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new stake in First Interstate BancSystem in the 3rd quarter valued at $52,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. UBS Group upped their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Finally, Barclays raised their price target on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.33.

First Interstate BancSystem Stock Up 1.9%

FIBK opened at $38.46 on Friday. First Interstate BancSystem, Inc. has a twelve month low of $27.60 and a twelve month high of $40.60. The company’s 50-day moving average price is $37.43 and its two-hundred day moving average price is $36.05. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 11.83 and a beta of 0.76. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.19. The company had revenue of $99.10 million during the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 29.44% and a return on equity of 9.55%. As a group, equities analysts expect that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is 57.85%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the sale, the insider directly owned 862,128 shares in the company, valued at $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This represents a 2.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 32,392 shares of company stock valued at $1,161,552 over the last three months. Company insiders own 8.00% of the company’s stock.

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.