JPMorgan Chase & Co. Has $56.94 Million Position in First Interstate BancSystem, Inc. $FIBK

JPMorgan Chase & Co. cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 16.8% during the third quarter, HoldingsChannel reports. The fund owned 1,786,566 shares of the financial services provider’s stock after selling 361,588 shares during the quarter. JPMorgan Chase & Co.’s holdings in First Interstate BancSystem were worth $56,938,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Alliancebernstein L.P. grew its stake in First Interstate BancSystem by 0.4% in the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after purchasing an additional 397 shares in the last quarter. Inspire Investing LLC grew its stake in shares of First Interstate BancSystem by 5.6% in the 3rd quarter. Inspire Investing LLC now owns 14,239 shares of the financial services provider’s stock valued at $454,000 after buying an additional 757 shares in the last quarter. Arizona State Retirement System increased its holdings in First Interstate BancSystem by 3.0% in the third quarter. Arizona State Retirement System now owns 26,369 shares of the financial services provider’s stock worth $840,000 after buying an additional 763 shares during the last quarter. Bayforest Capital Ltd raised its position in First Interstate BancSystem by 11.9% during the third quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider’s stock valued at $230,000 after acquiring an additional 769 shares in the last quarter. Finally, First Horizon Corp bought a new position in First Interstate BancSystem during the third quarter valued at approximately $26,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 1,827 shares of the firm’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total value of $67,452.84. Following the sale, the insider directly owned 936,024 shares in the company, valued at $34,558,006.08. This trade represents a 0.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.20% of the stock is currently owned by company insiders.

First Interstate BancSystem Trading Up 0.8%

Shares of NASDAQ:FIBK opened at $32.28 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72. The stock’s 50-day moving average is $36.16 and its 200-day moving average is $34.07. The company has a market cap of $3.32 billion, a P/E ratio of 10.94 and a beta of 0.77. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $39.26.

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

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.8%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is presently 63.73%.

Analysts Set New Price Targets

FIBK has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their price target on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Weiss Ratings downgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. UBS Group reaffirmed a “neutral” rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research report on Wednesday, February 4th. Barclays lowered their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, January 30th. Finally, DA Davidson restated a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 29th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $38.17.

About First Interstate BancSystem

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.