Cullen Capital Management LLC Purchases 2,069 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Cullen Capital Management LLC boosted its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 12.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,056 shares of the financial services provider’s stock after acquiring an additional 2,069 shares during the period. Cullen Capital Management LLC’s holdings in First Interstate BancSystem were worth $586,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FIBK. Wellington Management Group LLP grew its position in shares of First Interstate BancSystem by 88.3% during the 4th quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider’s stock worth $78,760,000 after buying an additional 1,137,401 shares during the period. Victory Capital Management Inc. raised its position in shares of First Interstate BancSystem by 309.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider’s stock valued at $41,247,000 after acquiring an additional 960,372 shares during the last quarter. Norges Bank acquired a new position in shares of First Interstate BancSystem in the 4th quarter valued at $24,137,000. Jennison Associates LLC boosted its position in shares of First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after purchasing an additional 654,688 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of First Interstate BancSystem by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider’s stock worth $299,691,000 after purchasing an additional 587,975 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Trading Down 3.6 %

Shares of NASDAQ:FIBK opened at $24.72 on Friday. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 11.29 and a beta of 0.81. First Interstate BancSystem, Inc. has a 12 month low of $23.81 and a 12 month high of $36.77. The company’s fifty day simple moving average is $30.38 and its 200 day simple moving average is $31.63. 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 released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 7.61%. First Interstate BancSystem’s dividend payout ratio is currently 85.84%.

Analyst Ratings Changes

A number of brokerages have issued reports on FIBK. UBS Group began coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 target price on the stock. Wells Fargo & Company lifted their price objective on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, February 3rd. DA Davidson reaffirmed a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Stephens cut their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Finally, StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $36.14.

Insider Activity

In related 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 value of $43,467.60. Following the sale, the director now owns 1,414,886 shares of the company’s stock, valued at approximately $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.90% of the stock is owned by corporate 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.