Canada Pension Plan Investment Board Purchases Shares of 14,600 First Interstate BancSystem, Inc. $FIBK

Canada Pension Plan Investment Board purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, Holdings Channel.com reports. The fund purchased 14,600 shares of the financial services provider’s stock, valued at approximately $563,000.

A number of other large investors have also modified their holdings of FIBK. Eurizon Capital SGR S.p.A. acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at about $25,000. Kestra Advisory Services LLC acquired a new stake in First Interstate BancSystem in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 862 shares during the last quarter. Allworth Financial LP purchased a new stake in First Interstate BancSystem during the 2nd quarter worth approximately $62,000. Finally, CIBC Private Wealth Group LLC acquired a new position in First Interstate BancSystem during the 3rd quarter valued at approximately $52,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. DA Davidson reissued a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reissued an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $36.83.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, 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 sale, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction dated 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. This represents a 0.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by corporate insiders.

First Interstate BancSystem Stock Performance

FIBK opened at $36.31 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 12-month low of $29.10 and a 12-month high of $40.60. The firm has a 50 day moving average of $38.29 and a two-hundred day moving average of $36.14. The firm has a market capitalization of $3.46 billion, a PE ratio of 11.17 and a beta of 0.75.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 EPS. On average, analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. First Interstate BancSystem’s payout ratio is currently 57.85%.

First Interstate BancSystem 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.