Rhumbline Advisers has expanded its investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 12.5% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 138,851 shares of the financial services provider after acquiring an additional 15,410 shares. As of the latest SEC report, Rhumbline’s total investment in First Interstate BancSystem is valued at approximately $4,002,000.
Several other institutional investors have also adjusted their positions in First Interstate BancSystem. The State of New Jersey Common Pension Fund D increased its stake by 13.1%, now owning 71,154 shares, valued at around $2,051,000 after purchasing an additional 8,243 shares. Meanwhile, Wolverine Asset Management LLC established a new position in the first quarter worth approximately $596,000.
Market Performance and Dividend Announcement
First Interstate BancSystem’s stock has also seen notable trading activity, with shares opening at $34.11 on Friday. The company boasts a market capitalization of $3.51 billion, a price-to-earnings (PE) ratio of 14.39, and a beta of 0.82. Over the past year, the stock reached a low of $22.95 and a high of $34.96. Its 50-day simple moving average stands at $31.78, while the 200-day average is $30.53.
In addition to the stock performance, First Interstate BancSystem announced a quarterly dividend of $0.47 per share, paid on November 20, 2023. Shareholders on record as of November 10 received this dividend, which translates to an annual yield of 5.5% and a total annual payout of $1.88 per share. The company’s payout ratio is 79.32%.
Insider Transactions and Analyst Ratings
In related news, John M. Heyneman, Jr., a director at First Interstate BancSystem, sold 30,432 shares on November 21, 2023, at an average price of $31.03, totaling $944,304.96. Post-sale, he retains 1,414,636 shares valued at approximately $43,896,155.08, marking a 2.11% reduction in his stake. Another significant sale was made by major shareholder Susan Scott Heyneman Trust, which sold 10,000 shares on December 1 at an average price of $32.75, amounting to $327,500. This transaction resulted in a 4.27% decrease in their position.
Analysts have varied opinions on First Interstate BancSystem. Recently, Wall Street Zen downgraded the stock from “hold” to “sell.” Conversely, Barclays raised its price target from $34.00 to $36.00, maintaining an “equal weight” rating. DA Davidson increased its target from $35.00 to $38.00 with a “buy” recommendation. Overall, four analysts rate the stock as a buy, two as hold, and one as sell, reflecting a consensus average rating of “hold” with a price target of $35.57.
First Interstate BancSystem, Inc. serves as a bank holding company for First Interstate Bank, offering a comprehensive array of banking products and services across the United States, including traditional depository services and repurchase agreements primarily for commercial and municipal clients.
