Quantinno Capital Management LP raised its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK – Free Report) by 84.2% during the first quarter, Holdings Channel reports. The institutional investor owned 30,981 shares of the financial services provider’s stock after buying an additional 14,166 shares during the period. Quantinno Capital Management LP’s holdings in First Interstate BancSystem were worth $1,035,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Eurizon Capital SGR S.p.A. acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $25,000. Kestra Advisory Services LLC purchased a new stake in First Interstate BancSystem during the fourth quarter worth approximately $29,000. First Horizon Corp boosted its holdings in First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in First Interstate BancSystem in the third quarter valued at approximately $52,000. 88.71% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have weighed in on the stock. DA Davidson reissued a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company restated an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. UBS Group increased their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, May 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Finally, Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, First Interstate BancSystem presently has an average rating of “Reduce” and a consensus target price of $36.83.
Insider Activity at First Interstate BancSystem
In related news, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company’s stock, valued at $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares of the company’s stock, valued at $31,286,625.12. The trade was a 0.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,392 shares of company stock valued at $1,161,552 over the last three months. Insiders own 8.00% of the company’s stock.
First Interstate BancSystem Trading Up 0.8%
Shares of First Interstate BancSystem stock opened at $39.17 on Friday. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 12.05 and a beta of 0.76. First Interstate BancSystem, Inc. has a 52-week low of $29.10 and a 52-week high of $40.60. The company’s 50-day simple moving average is $38.04 and its 200-day simple moving average is $36.14. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09.
First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. During the same quarter last year, the firm earned $0.69 earnings per share. The firm’s revenue was up 6.4% compared to the same quarter last year. As a group, equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.
First Interstate BancSystem Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is 57.85%.
About First Interstate BancSystem
First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.
The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.
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