Principal Financial Group Inc. Trims Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Principal Financial Group Inc. cut its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 1.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 422,400 shares of the financial services provider’s stock after selling 6,057 shares during the period. Principal Financial Group Inc. owned 0.39% of First Interstate BancSystem worth $16,098,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FIBK. River Oaks Capital LLC increased its holdings in First Interstate BancSystem by 8.6% in the second quarter. River Oaks Capital LLC now owns 83,300 shares of the financial services provider’s stock valued at $3,175,000 after buying an additional 6,600 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of First Interstate BancSystem by 3.7% in the 2nd quarter. Baird Financial Group Inc. now owns 11,962 shares of the financial services provider’s stock valued at $456,000 after acquiring an additional 427 shares during the period. OLD Mission Capital LLC purchased a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $262,000. Personal Capital Advisors Corp increased its stake in First Interstate BancSystem by 6.3% during the 2nd quarter. Personal Capital Advisors Corp now owns 280,190 shares of the financial services provider’s stock worth $10,678,000 after buying an additional 16,588 shares during the period. Finally, Seven Eight Capital LP purchased a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $290,000. 84.37% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Trading Down 0.9 %

Shares of FIBK stock opened at $43.98 on Thursday. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 23.65 and a beta of 0.91. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.30. First Interstate BancSystem, Inc. has a fifty-two week low of $32.40 and a fifty-two week high of $46.34. The firm’s 50 day moving average price is $43.18 and its two-hundred day moving average price is $40.08.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last announced its quarterly earnings results on Wednesday, October 26th. The financial services provider reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.12). The business had revenue of $291.80 million for the quarter, compared to analyst estimates of $299.74 million. First Interstate BancSystem had a net margin of 16.71% and a return on equity of 9.58%. The company’s quarterly revenue was up 75.2% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. On average, analysts anticipate that First Interstate BancSystem, Inc. will post 3.11 EPS for the current year.

First Interstate BancSystem Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Tuesday, November 8th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 7th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.27%. This is a positive change from First Interstate BancSystem’s previous quarterly dividend of $0.41. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 101.08%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FIBK shares. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Wednesday, October 26th. Stephens increased their price target on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Monday, October 31st. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, October 6th. TheStreet raised shares of First Interstate BancSystem from a “c” rating to a “b” rating in a research note on Monday, August 29th. Finally, Piper Sandler raised their price target on shares of First Interstate BancSystem to $54.00 in a research note on Friday, September 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $47.40.

Insider Activity

In other news, Director Jonathan R. Scott sold 30,000 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $44.16, for a total transaction of $1,324,800.00. Following the sale, the director now owns 963,853 shares in the company, valued at $42,563,748.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Russell A. Lee sold 2,500 shares of First Interstate BancSystem stock in a transaction on Monday, November 7th. The shares were sold at an average price of $45.30, for a total value of $113,250.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at $216,126.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jonathan R. Scott sold 30,000 shares of First Interstate BancSystem stock in a transaction on Friday, November 11th. The stock was sold at an average price of $44.16, for a total transaction of $1,324,800.00. Following the completion of the sale, the director now owns 963,853 shares of the company’s stock, valued at approximately $42,563,748.48. The disclosure for this sale can be found here. Insiders have sold 51,482 shares of company stock worth $2,302,094 over the last 90 days. Company insiders own 6.40% of the company’s stock.

First Interstate BancSystem Company Profile

(Get Rating)

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.

Featured Articles

Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

Receive News & Ratings for First Interstate BancSystem Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate BancSystem and related companies with MarketBeat.com's FREE daily email newsletter.