First Interstate BancSystem, Inc. $FIBK is First Interstate Bank’s 2nd Largest Position

First Interstate Bank cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,923,991 shares of the financial services provider’s stock after selling 129,351 shares during the period. First Interstate BancSystem comprises approximately 8.3% of First Interstate Bank’s portfolio, making the stock its 2nd largest position. First Interstate Bank owned approximately 4.69% of First Interstate BancSystem worth $141,909,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Altus Wealth Group LLC lifted its position in First Interstate BancSystem by 2.2% in the second quarter. Altus Wealth Group LLC now owns 27,072 shares of the financial services provider’s stock valued at $780,000 after acquiring an additional 585 shares during the last quarter. Tweedy Browne Co LLC purchased a new stake in First Interstate BancSystem in the second quarter valued at $384,000. Davidson Investment Advisors lifted its position in First Interstate BancSystem by 1.2% in the second quarter. Davidson Investment Advisors now owns 407,082 shares of the financial services provider’s stock valued at $11,732,000 after acquiring an additional 4,698 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in First Interstate BancSystem in the second quarter valued at $186,000. Finally, CWM LLC lifted its position in First Interstate BancSystem by 4.9% in the second quarter. CWM LLC now owns 31,913 shares of the financial services provider’s stock valued at $920,000 after acquiring an additional 1,481 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the completion of the transaction, the insider directly owned 529,256 shares of the company’s stock, valued at $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the transaction, the director directly owned 5,224 shares of the company’s stock, valued at $157,660.32. This represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,818 shares of company stock valued at $2,845,925 over the last ninety days. Corporate insiders own 8.20% of the company’s stock.

First Interstate BancSystem Trading Up 2.0%

NASDAQ FIBK opened at $29.90 on Monday. The stock has a market capitalization of $3.14 billion, a P/E ratio of 13.47 and a beta of 0.79. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The firm has a 50-day moving average price of $31.77 and a 200 day moving average price of $29.22. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.12. The firm had revenue of $248.30 million during the quarter, compared to analysts’ expectations of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.58 earnings per share. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 6.3%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem’s dividend payout ratio is currently 84.68%.

Analysts Set New Price Targets

FIBK has been the subject of a number of research reports. Barclays boosted their price target on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 target price for the company in a research note on Monday, June 23rd. Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Monday, August 11th. Finally, Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and an average price target of $35.43.

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.