Cypress Capital Management LLC WY Decreases Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Cypress Capital Management LLC WY trimmed its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 100,165 shares of the financial services provider’s stock after selling 3,000 shares during the period. First Interstate BancSystem accounts for approximately 3.7% of Cypress Capital Management LLC WY’s holdings, making the stock its 3rd largest position. Cypress Capital Management LLC WY’s holdings in First Interstate BancSystem were worth $3,252,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FIBK. Geode Capital Management LLC raised its position in First Interstate BancSystem by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock worth $61,152,000 after purchasing an additional 59,367 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of First Interstate BancSystem by 6.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after buying an additional 78,596 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of First Interstate BancSystem by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after acquiring an additional 52,919 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of First Interstate BancSystem by 57.3% during the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock valued at $27,176,000 after acquiring an additional 322,578 shares during the period. Finally, Empower Advisory Group LLC boosted its holdings in First Interstate BancSystem by 4.8% in the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after acquiring an additional 21,191 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler dropped their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. UBS Group started coverage on shares of First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective on the stock. Barclays lifted their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. Finally, DA Davidson reaffirmed a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.00.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $33.50 on Friday. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 15.30 and a beta of 0.85. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average of $33.14 and a 200-day moving average of $31.58.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Monday, February 10th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, February 10th. This represents a $1.88 annualized dividend and a yield of 5.61%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 85.85%.

Insider Activity

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares of the company’s stock, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 958,710 shares in the company, valued at $32,768,707.80. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock worth $1,839,583 over the last quarter. 6.90% of the stock is currently owned by company insiders.

About First Interstate BancSystem

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.