First Interstate BancSystem, Inc. $FIBK Stock Position Decreased by Millennium Management LLC

Millennium Management LLC trimmed its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 7.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 805,552 shares of the financial services provider’s stock after selling 60,465 shares during the period. Millennium Management LLC owned 0.77% of First Interstate BancSystem worth $23,079,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC increased its position in shares of First Interstate BancSystem by 2,336.8% during the first quarter. GAMMA Investing LLC now owns 9,942 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 9,534 shares during the period. First Interstate Bank raised its stake in shares of First Interstate BancSystem by 14.1% in the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider’s stock worth $144,778,000 after acquiring an additional 624,268 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of First Interstate BancSystem by 39.7% during the fourth quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider’s stock valued at $2,043,000 after acquiring an additional 17,879 shares during the period. KBC Group NV lifted its stake in shares of First Interstate BancSystem by 26.4% during the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 1,061 shares during the period. Finally, Brown Advisory Inc. lifted its stake in First Interstate BancSystem by 1.1% in the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider’s stock valued at $29,144,000 after buying an additional 11,209 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Trading Up 0.6%

Shares of FIBK opened at $32.68 on Friday. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The business’s fifty day moving average is $30.79 and its 200-day moving average is $28.69. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 14.72 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.12. The business had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.First Interstate BancSystem’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 EPS. Equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem’s payout ratio is currently 84.68%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FIBK shares. 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. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price target for the company in a research note on Monday, June 23rd. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Monday, August 11th. DA Davidson raised their price objective on First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday. Finally, Wells Fargo & Company raised their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the company an “underweight” rating in a research report on Thursday, July 10th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.86.

Insider Transactions at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was 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 of the company’s stock, valued at $157,660.32. The trade was a 69.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the transaction, the insider directly owned 529,256 shares in the company, valued at approximately $14,745,072.16. This trade represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 121,818 shares of company stock worth $3,600,017 over the last three months. 8.20% of the stock is owned by company insiders.

About First Interstate BancSystem

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.