AlphaCrest Capital Management LLC Takes $630,000 Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Posted by Defense World Staff on Mar 9th, 2023

AlphaCrest Capital Management LLC acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,606 shares of the financial services provider’s stock, valued at approximately $630,000.

A number of other large investors also recently modified their holdings of FIBK. Advisor Group Holdings Inc. boosted its position in shares of First Interstate BancSystem by 5.7% in the first quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider’s stock valued at $288,000 after acquiring an additional 422 shares during the period. JPMorgan Chase & Co. boosted its position in shares of First Interstate BancSystem by 225.1% in the first quarter. JPMorgan Chase & Co. now owns 281,299 shares of the financial services provider’s stock valued at $10,344,000 after acquiring an additional 194,783 shares during the period. Raymond James & Associates boosted its position in shares of First Interstate BancSystem by 13.0% in the first quarter. Raymond James & Associates now owns 9,640 shares of the financial services provider’s stock valued at $354,000 after acquiring an additional 1,107 shares during the period. American Century Companies Inc. bought a new position in shares of First Interstate BancSystem in the first quarter valued at approximately $1,046,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of First Interstate BancSystem by 263.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 1,508 shares during the period. 77.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FIBK. Wells Fargo & Company lowered their target price on shares of First Interstate BancSystem from $48.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, January 30th. Keefe, Bruyette & Woods downgraded shares of First Interstate BancSystem from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $49.00 to $38.00 in a research note on Monday, January 30th. Stephens raised shares of First Interstate BancSystem from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $44.00 to $43.00 in a research note on Wednesday, February 1st. Finally, Janney Montgomery Scott downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating in a research note on Monday, January 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $43.80.

Insider Buying and Selling

In related news, Director Julie A. Scott sold 288,000 shares of First Interstate BancSystem stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $35.63, for a total value of $10,261,440.00. Following the transaction, the director now directly owns 2,517,351 shares of the company’s stock, valued at $89,693,216.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Julie A. Scott sold 288,000 shares of First Interstate BancSystem stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $35.63, for a total value of $10,261,440.00. Following the transaction, the director now directly owns 2,517,351 shares of the company’s stock, valued at $89,693,216.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Brannen sold 9,300 shares of First Interstate BancSystem stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $36.71, for a total transaction of $341,403.00. Following the completion of the sale, the director now owns 8,385 shares in the company, valued at approximately $307,813.35. The disclosure for this sale can be found here. 6.40% of the stock is owned by insiders.

First Interstate BancSystem Trading Down 1.5 %

FIBK stock opened at $33.87 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.71. First Interstate BancSystem, Inc. has a one year low of $32.40 and a one year high of $46.34. The company’s 50 day moving average price is $37.06 and its two-hundred day moving average price is $40.18. The company has a market capitalization of $3.54 billion, a PE ratio of 18.31 and a beta of 0.86.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Tuesday, February 7th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.55%. The ex-dividend date of this dividend was Monday, February 6th. First Interstate BancSystem’s payout ratio is 101.62%.

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.