Franklin Resources Inc. Purchases 145,842 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Franklin Resources Inc. raised its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,474,757 shares of the financial services provider’s stock after purchasing an additional 145,842 shares during the period. Franklin Resources Inc. owned 5.24% of First Interstate BancSystem worth $177,765,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter worth approximately $34,000. Meeder Asset Management Inc. acquired a new stake in First Interstate BancSystem in the fourth quarter worth $69,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in First Interstate BancSystem in the third quarter worth $69,000. KBC Group NV increased its stake in First Interstate BancSystem by 34.1% in the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,022 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at about $241,000. 88.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FIBK has been the subject of a number of analyst reports. Barclays lifted their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Thursday, December 5th. Piper Sandler cut their price target on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. UBS Group assumed coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective for the company. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research report on Monday, February 3rd. Finally, Stephens lowered their price target on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.14.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $28.38 on Wednesday. The stock’s 50-day simple moving average is $30.75 and its two-hundred day simple moving average is $31.72. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $36.77. The firm has a market capitalization of $2.97 billion, a P/E ratio of 12.96 and a beta of 0.84. 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 (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio is currently 85.84%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares of the company’s stock, valued at $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.90% of the stock is 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.