State of New Jersey Common Pension Fund D Sells 6,890 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

State of New Jersey Common Pension Fund D lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 9.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,528 shares of the financial services provider’s stock after selling 6,890 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of First Interstate BancSystem worth $1,980,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. CWM LLC grew its stake in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares during the period. Innealta Capital LLC acquired a new position in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $106,000. nVerses Capital LLC increased its stake in First Interstate BancSystem by 412.5% during the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares in the last quarter. Telos Capital Management Inc. acquired a new stake in First Interstate BancSystem during the 3rd quarter worth approximately $201,000. Finally, Washington Trust Bank acquired a new stake in First Interstate BancSystem during the 2nd quarter worth approximately $204,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,320 shares of company stock valued at $1,647,096 over the last 90 days. 6.90% of the stock is currently owned by insiders.

First Interstate BancSystem Trading Down 0.4 %

Shares of First Interstate BancSystem stock opened at $33.14 on Friday. The stock has a market cap of $3.46 billion, a P/E ratio of 14.54 and a beta of 0.81. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $34.53. The business’s 50 day moving average is $31.09 and its 200-day moving average is $29.29.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) 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 in the prior year, the business earned $0.70 EPS. Equities research analysts predict that First Interstate BancSystem, Inc. will post 2.28 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, November 14th. Investors 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 5.67%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is currently 82.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Stephens reissued an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Wells Fargo & Company cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Piper Sandler cut 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. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Finally, StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $32.50.

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.