Rhumbline Advisers has increased its holdings in First Interstate BancSystem, Inc. (NASDAQ: FIBK) by 12.5% during the second quarter of the year. According to the latest filing with the U.S. Securities and Exchange Commission (SEC), the institutional investor now owns 138,851 shares of the financial services company, having acquired an additional 15,410 shares in this period. The total value of Rhumbline Advisers’ stake in First Interstate BancSystem stands at approximately $4,002,000.
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% in the second quarter, bringing its total share count to 71,154, valued at about $2,051,000 after purchasing 8,243 shares. Additionally, Wolverine Asset Management LLC established a new position in the company during the first quarter, valued at approximately $596,000.
In the same quarter, Harbor Capital Advisors Inc. enhanced its investment by 18.7%, resulting in ownership of 419,104 shares, worth around $12,079,000. Other investors making notable moves include Ieq Capital LLC, which bought a new stake valued at about $283,000, and Villere ST Denis J & Co. LLC, which raised its position by 4.9% to own 556,628 shares, valued at approximately $16,042,000. Collectively, institutional investors now hold 88.71% of the company’s stock.
Stock Performance and Financial Metrics
Shares of First Interstate BancSystem opened at $34.11 recently, reflecting a 1.3% increase. The company has 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 has traded between a low of $22.95 and a high of $34.96.
The company’s financial health is underscored by a debt-to-equity ratio of 0.09, a current ratio of 0.74, and a quick ratio of 0.73. Furthermore, First Interstate BancSystem recently announced a quarterly dividend of $0.47 per share, paid on November 20, 2023. This dividend represents an annualized total of $1.88 and yields 5.5%, with a payout ratio of 79.32%.
Insider Trading and Analyst Ratings
In related developments, John M. Heyneman, Jr., a director at First Interstate BancSystem, sold 30,432 shares at an average price of $31.03 on November 21, 2023, totaling nearly $944,305. Post-sale, his ownership was reduced to 1,414,636 shares, valued at approximately $43,896,155. Another insider, the Susan Scott Heyneman Trust, sold 10,000 shares on December 1, 2023, for a total of $327,500, reducing its holdings to 224,460 shares.
Analysts have varied opinions on First Interstate BancSystem, with some recent ratings indicating a shift in sentiment. Wall Street Zen downgraded the stock from a “hold” to a “sell” rating on November 28, 2023. Conversely, Weiss Ratings maintained a “buy (B-)” rating. Other firms, including Barclays, increased their price target for the stock from $34.00 to $36.00, while DA Davidson raised its target from $35.00 to $38.00, categorizing it as a “buy.” Overall, four analysts have issued a “buy” rating, two have rated it a “hold,” and one has given a “sell” rating, resulting in an average rating of “hold” and a price target of $35.57.
For investors and analysts, First Interstate BancSystem continues to demonstrate significant activity on both the investor side and within its stock performance metrics, indicating a dynamic position in the financial services sector.
