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Aigen Investment Management LP Makes New $4.18 Million Investment in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Financial News Live · Feb 6, 2023 11:43

Aigen Investment Management LP purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) during the third quarter, HoldingsChannel reports. The fund purchased 103,703 shares of the financial services provider's stock, valued at approximately $4,184,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Interstate Bank lifted its position in First Interstate BancSystem by 5,153.6% during the 2nd quarter. First Interstate Bank now owns 7,951,944 shares of the financial services provider's stock worth $303,049,000 after buying an additional 7,800,583 shares in the last quarter. Vanguard Group Inc. grew its stake in First Interstate BancSystem by 116.2% in the 1st quarter. Vanguard Group Inc. now owns 7,747,094 shares of the financial services provider's stock valued at $284,861,000 after buying an additional 4,163,577 shares during the last quarter. BlackRock Inc. boosted its holdings in First Interstate BancSystem by 61.3% in the 1st quarter. BlackRock Inc. now owns 8,710,578 shares of the financial services provider's stock valued at $320,287,000 after purchasing an additional 3,311,462 shares during the period. State Street Corp boosted its holdings in First Interstate BancSystem by 152.8% in the 1st quarter. State Street Corp now owns 4,344,413 shares of the financial services provider's stock valued at $159,744,000 after purchasing an additional 2,626,221 shares during the period. Finally, FMR LLC lifted its holdings in shares of First Interstate BancSystem by 145.6% during the 2nd quarter. FMR LLC now owns 3,564,642 shares of the financial services provider's stock worth $135,849,000 after acquiring an additional 2,113,366 shares during the period. 77.78% of the stock is owned by institutional investors.

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First Interstate BancSystem Stock Down 2.4 %

NASDAQ:FIBK traded down $0.92 during trading hours on Monday, reaching $36.67. The company had a trading volume of 97,972 shares, compared to its average volume of 784,870. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.30. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 20.32 and a beta of 0.87. The business's 50-day simple moving average is $38.93 and its two-hundred day simple moving average is $40.91. First Interstate BancSystem, Inc. has a twelve month low of $32.40 and a twelve month high of $46.34.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 17th. Shareholders of record on Tuesday, February 7th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.13%. The ex-dividend date of this dividend is Monday, February 6th. First Interstate BancSystem's payout ratio is 101.62%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 3,852 shares of the firm's stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $46.26, for a total value of $178,193.52. Following the transaction, the insider now directly owns 81,454 shares of the company's stock, valued at $3,768,062.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other First Interstate BancSystem news, Director Jonathan R. Scott sold 30,000 shares of the firm's stock in a transaction on Friday, November 11th. The shares were sold at an average price of $44.16, for a total value of $1,324,800.00. Following the transaction, the director now directly owns 963,853 shares of the company's stock, valued at $42,563,748.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder James R. Scott, Jr. sold 3,852 shares of the firm's stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $46.26, for a total transaction of $178,193.52. Following the transaction, the insider now directly owns 81,454 shares in the company, valued at $3,768,062.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,352 shares of company stock valued at $1,606,619. Corporate insiders own 6.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FIBK shares. StockNews.com downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Wednesday, October 26th. Stephens upgraded shares of First Interstate BancSystem from an "equal weight" rating to an "overweight" rating and decreased their price target for the company from $44.00 to $43.00 in a research report on Wednesday, February 1st. Keefe, Bruyette & Woods cut shares of First Interstate BancSystem from an "outperform" rating to a "market perform" rating and decreased their price objective for the stock from $49.00 to $38.00 in a research report on Monday, January 30th. Wells Fargo & Company decreased their price objective on shares of First Interstate BancSystem from $48.00 to $42.00 and set an "overweight" rating for the company in a research report on Monday, January 30th. Finally, Janney Montgomery Scott cut shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating in a research report on Monday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $43.80.

About First Interstate BancSystem

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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. It also provides Internet, mobile, and other banking and financial services.