Northern Trust Corp Sells 28,887 Shares of First Interstate BancSystem, Inc. $FIBK

Northern Trust Corp lessened its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 827,787 shares of the financial services provider’s stock after selling 28,887 shares during the quarter. Northern Trust Corp owned 0.79% of First Interstate BancSystem worth $23,716,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Wood Tarver Financial Group LLC bought a new stake in shares of First Interstate BancSystem in the fourth quarter worth $26,000. JNBA Financial Advisors bought a new stake in shares of First Interstate BancSystem in the first quarter worth $29,000. Exchange Traded Concepts LLC lifted its position in shares of First Interstate BancSystem by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider’s stock worth $139,000 after purchasing an additional 4,494 shares in the last quarter. KBC Group NV lifted its position in shares of First Interstate BancSystem by 26.4% in the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 1,061 shares in the last quarter. Finally, GTS Securities LLC bought a new stake in shares of First Interstate BancSystem in the fourth quarter worth $203,000. Institutional investors own 88.71% of the company’s stock.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 11,818 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the transaction, the director directly owned 5,224 shares in the company, valued at $157,660.32. The trade was a 69.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company’s stock in a transaction on 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 owned 529,256 shares in the company, valued at approximately $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 121,818 shares of company stock worth $3,600,017. Corporate insiders own 8.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FIBK. Keefe, Bruyette & Woods raised 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 report on Monday, June 23rd. Wall Street Zen lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Monday, August 11th. Barclays raised shares of First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $28.00 to $32.00 in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an “underweight” rating in a research report on Thursday, July 10th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and an average target price of $35.43.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $32.72 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average price is $30.12 and its two-hundred day moving average price is $28.59. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The firm has a market capitalization of $3.43 billion, a P/E ratio of 14.74 and a beta of 0.80.

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. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The firm had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. During the same period in the prior year, the firm posted $0.58 earnings per share. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem’s payout ratio is currently 84.68%.

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.