Harbor Capital Advisors Inc. Boosts Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Harbor Capital Advisors Inc. lifted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 37,734.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 141,502 shares of the financial services provider’s stock after buying an additional 141,128 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in First Interstate BancSystem were worth $4,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of FIBK. Point72 DIFC Ltd purchased a new position in shares of First Interstate BancSystem during the 3rd quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of First Interstate BancSystem during the third quarter valued at approximately $69,000. CWM LLC grew its stake in First Interstate BancSystem by 65.0% in the third quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 2,029 shares during the period. Telos Capital Management Inc. bought a new position in First Interstate BancSystem in the third quarter worth $201,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in First Interstate BancSystem in the second quarter worth $208,000. 88.71% of the stock is owned by institutional investors.

Insider Activity

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the sale, the insider now owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 over the last three months. Insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

FIBK has been the topic of a number of recent research reports. UBS Group began coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Piper Sandler reduced their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, Barclays boosted their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Hold” and an average target price of $35.00.

First Interstate BancSystem Stock Performance

FIBK stock opened at $30.53 on Friday. The stock’s 50 day simple moving average is $33.27 and its 200 day simple moving average is $31.12. 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, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77. The stock has a market capitalization of $3.19 billion, a PE ratio of 13.39 and a beta of 0.85.

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

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 6.16%. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

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.