Point72 Asset Management L.P. Purchases Shares of 8,908 First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Point72 Asset Management L.P. acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,908 shares of the financial services provider’s stock, valued at approximately $273,000.

A number of other hedge funds have also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC lifted its position in shares of First Interstate BancSystem by 100.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock valued at $6,485,000 after purchasing an additional 105,670 shares in the last quarter. Holocene Advisors LP increased its stake in First Interstate BancSystem by 14.0% in the 3rd quarter. Holocene Advisors LP now owns 74,469 shares of the financial services provider’s stock valued at $2,285,000 after buying an additional 9,150 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of First Interstate BancSystem during the 3rd quarter worth approximately $69,000. Kestra Investment Management LLC purchased a new position in shares of First Interstate BancSystem in the 3rd quarter worth approximately $789,000. Finally, Verition Fund Management LLC bought a new position in shares of First Interstate BancSystem in the third quarter valued at approximately $339,000. 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 analyst reports. Piper Sandler dropped their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Stephens reissued an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Keefe, Bruyette & Woods raised their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Barclays boosted their target price 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. Finally, StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned 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 $35.17.

Insider Activity

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now owns 75,387 shares of the company’s stock, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock worth $1,839,583 over the last ninety days. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $34.07 on Friday. The firm’s 50 day moving average is $32.70 and its 200 day moving average is $30.19. The stock has a market capitalization of $3.56 billion, a P/E ratio of 14.94 and a beta of 0.84. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the business earned $0.70 earnings per share. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s payout ratio is presently 82.46%.

About First Interstate BancSystem

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.