Thrivent Financial for Lutherans Reports $1.75 Million in First Interstate BancSystem Stock

Thrivent Financial for Lutherans recently updated its stock holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) and disclosed a 19.6% reduction in its shares during the third quarter. According to the latest 13F filing with the SEC, the institutional investor now holds 56,941 shares after selling 13,920 shares in that time frame. The total value of Thrivent's holdings in First Interstate is approximately $1,747,000 based on their recent filings.

Other institutional investors and hedge funds have also modified their positions in First Interstate BancSystem. For example, CWM LLC increased its stake by 16.0% in the second quarter and now owns 3,123 shares, valued at $87,000 after purchasing an additional 430 shares. Additionally, Innealta Capital LLC established a new position valued at $106,000, while nVerses Capital LLC significantly boosted its stake by 412.5%, totaling 4,100 shares worth $114,000. Meanwhile, Telos Capital Management Inc. and Washington Trust Bank made new investments worth $201,000 and $204,000, respectively. Overall, institutional investors now hold about 88.71% of First Interstate BancSystem's stock.

Insider Transactions

In recent insider trading news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem on November 13th at an average price of $34.18, totaling $222,170. Post-sale, he retains 958,710 shares valued at roughly $32,768,707. Major shareholder Julie A. Scott also sold 22,050 shares on November 12th for a total of $745,290, lowering her ownership to 613,019 shares valued at $20,720,042. Over the last quarter, insiders have sold 54,837 shares valued at nearly $1.84 million, with insiders owning a total of 6.90% of the company’s stock.

Current Stock Performance

As of the last trading session, First Interstate BancSystem (NASDAQ:FIBK) opened at $34.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78, and a quick ratio of 0.78. It has a 50-day moving average of $31.93 and a 200-day moving average of $29.77, with a one-year low of $24.16 and a high of $36.77. The market capitalization stands at $3.66 billion, with a price-to-earnings ratio of 15.34 and a beta of 0.81.

In its latest earnings announcement on October 24th, First Interstate BancSystem reported earnings per share of $0.54, falling short of expectations by $0.04. The company’s net margin was 15.94%, and its return on equity stood at 7.48%. Analysts predict that for the current fiscal year, the company will record earnings of $2.28 per share.

Dividend Information

Recently, First Interstate BancSystem announced a quarterly dividend, which was disbursed on November 14th to investors recorded on November 4th. The dividend amounts to $0.47 per share, equating to an annualized dividend of $1.88, which results in a yield of 5.38%. The current dividend payout ratio is 82.46%.

Analyst Ratings and Future Outlook

Numerous research analysts have shared their insights regarding First Interstate BancSystem. Barclays downgraded the stock from an “equal weight” rating to “underweight,” lowering its price target from $32.00 to $30.00. Similarly, Wells Fargo downgraded the stock to “underweight” with a target reduction from $30.00 to $28.00. StockNews.com upgraded the stock from “sell” to “hold.” Piper Sandler adjusted its target down from $38.00 to $36.00 while maintaining an “overweight” rating. In contrast, DA Davidson raised their rating from “neutral” to “buy” with a target increase from $32.00 to $42.00. Analysts collectively provided an average rating of “Hold” with a target price of $33.83.

About First Interstate BancSystem

First Interstate BancSystem, Inc. serves as the bank holding company for First Interstate Bank, which delivers a variety of banking products and services across the United States. The bank offers traditional depository products, including checking accounts, savings accounts, time deposits, and repurchase agreements mainly for commercial and municipal depositors.

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