Legal & General Group Plc Has $7.54 Million Stock Holdings in First Interstate BancSystem, Inc. $FIBK

Legal & General Group Plc lifted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 134.4% during the fourth quarter, HoldingsChannel reports. The fund owned 217,978 shares of the financial services provider’s stock after purchasing an additional 124,970 shares during the quarter. Legal & General Group Plc’s holdings in First Interstate BancSystem were worth $7,542,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. First Horizon Corp increased its stake in shares of First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 455 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 516 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of First Interstate BancSystem by 1,485.1% in the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 1,500 shares during the last quarter. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of First Interstate BancSystem in the third quarter worth $52,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. UBS Group increased their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research report on Friday, May 1st. DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $41.00 to $39.00 in a research report on Wednesday, May 27th. 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. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.00.

Insider Activity

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the sale, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.00% of the company’s stock.

First Interstate BancSystem Trading Down 0.4%

First Interstate BancSystem stock opened at $35.57 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 11.59 and a beta of 0.76. First Interstate BancSystem, Inc. has a one year low of $25.81 and a one year high of $39.26. The company’s fifty day moving average price is $34.67 and its two-hundred day moving average price is $35.04.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $5.10 million for the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same period last year, the business posted $0.49 earnings per share. On average, analysts forecast that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.3%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 61.24%.

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.