New York State Common Retirement Fund Sells 3,100 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

New York State Common Retirement Fund lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 11.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 23,766 shares of the financial services provider’s stock after selling 3,100 shares during the period. New York State Common Retirement Fund’s holdings in First Interstate BancSystem were worth $681,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wood Tarver Financial Group LLC bought a new position in First Interstate BancSystem during the 4th quarter valued at about $26,000. JNBA Financial Advisors bought a new position in shares of First Interstate BancSystem in the 1st quarter worth approximately $29,000. Meeder Asset Management Inc. bought a new position in shares of First Interstate BancSystem in the 4th quarter worth approximately $69,000. Covestor Ltd lifted its stake in shares of First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 510 shares during the period. Finally, Sterling Capital Management LLC lifted its stake in shares of First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 2,231 shares during the period. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Up 0.7%

First Interstate BancSystem stock opened at $29.73 on Friday. The firm has a 50 day moving average of $28.53 and a 200 day moving average of $29.03. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 14.09 and a beta of 0.79. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The company had revenue of $42.00 million for the quarter, compared to analysts’ expectations of $253.50 million. During the same period last year, the business earned $0.57 earnings per share. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 89.10%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FIBK. Keefe, Bruyette & Woods upgraded shares of 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. Wall Street Zen upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, May 10th. Wells Fargo & Company increased their price objective on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an “underweight” rating in a research note on Thursday, July 10th. Finally, Barclays upgraded shares of First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $28.00 to $32.00 in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.43.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the completion of the sale, the insider directly owned 584,256 shares of the company’s stock, valued at $18,176,204.16. This trade represents a 8.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.20% of the stock is currently owned by company insiders.

First Interstate BancSystem Company 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.