Massachusetts Financial Services Co. MA Has $61.10 Million Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Massachusetts Financial Services Co. MA cut its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,991,377 shares of the financial services provider’s stock after selling 60,255 shares during the period. Massachusetts Financial Services Co. MA’s holdings in First Interstate BancSystem were worth $61,095,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC increased its stake in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of First Interstate BancSystem during the second quarter worth $106,000. nVerses Capital LLC lifted its position in First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares in the last quarter. Telos Capital Management Inc. acquired a new position in First Interstate BancSystem in the 3rd quarter worth $201,000. Finally, Washington Trust Bank acquired a new position in First Interstate BancSystem in the 2nd quarter worth $204,000. 88.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the company. DA Davidson boosted their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. Piper Sandler decreased their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem presently has an average rating of “Hold” and a consensus price target of $32.50.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $34.39 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The company’s fifty day simple moving average is $31.51 and its 200 day simple moving average is $29.52. First Interstate BancSystem, Inc. has a 1-year low of $24.16 and a 1-year high of $34.61. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 15.08 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate 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 quarter last year, the business earned $0.70 EPS. On average, research analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a yield of 5.47%. First Interstate BancSystem’s dividend payout ratio is 82.46%.

Insider Activity

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the company’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 transaction, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the sale, the insider now owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. This represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,770 shares of company stock valued at $1,630,272 over the last three months. Insiders own 6.90% of the company’s stock.

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.