First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 23.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,399 shares of the financial services provider’s stock after selling 5,544 shares during the quarter. Teacher Retirement System of Texas’ holdings in First Interstate BancSystem were worth $527,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FIBK. Vanguard Group Inc. raised its position in shares of First Interstate BancSystem by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider’s stock valued at $299,691,000 after purchasing an additional 587,975 shares in the last quarter. FMR LLC increased its holdings in shares of First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider’s stock valued at $220,352,000 after purchasing an additional 1,778,269 shares during the period. Franklin Resources Inc. boosted its stake in First Interstate BancSystem by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 5,474,757 shares of the financial services provider’s stock valued at $177,765,000 after buying an additional 145,842 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Interstate BancSystem by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,045,741 shares of the financial services provider’s stock valued at $163,836,000 after purchasing an additional 138,050 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of First Interstate BancSystem by 3.8% in the 4th quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider’s stock valued at $95,360,000 after purchasing an additional 107,774 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on FIBK. Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, May 10th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price objective on the stock in a research note on Monday, June 23rd. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the company an “underweight” rating in a report on Thursday, July 10th. Finally, Barclays upgraded First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. One investment analyst has 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.43.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the transaction, the insider directly owned 584,256 shares of the company’s stock, valued at approximately $18,176,204.16. The trade was a 8.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is owned by corporate insiders.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $30.14 on Thursday. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $36.77. The stock has a market capitalization of $3.16 billion, a PE ratio of 14.28 and a beta of 0.79. The stock has a 50 day moving average price of $28.16 and a 200 day moving average price of $29.13. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.77 and a current ratio of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The firm had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. During the same quarter in the previous year, the business earned $0.57 EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 annualized dividend and a dividend yield of 6.24%. First Interstate BancSystem’s payout ratio is 89.10%.

First Interstate BancSystem Profile

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.