GAMMA Investing LLC Increases Stock Position in First Interstate BancSystem, Inc. $FIBK

GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 186.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 994 shares of the financial services provider’s stock after acquiring an additional 647 shares during the quarter. GAMMA Investing LLC’s holdings in First Interstate BancSystem were worth $29,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. JNBA Financial Advisors purchased a new stake in shares of First Interstate BancSystem during the 1st quarter valued at about $29,000. Quarry LP boosted its holdings in shares of First Interstate BancSystem by 63.8% during the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 450 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings 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 buying an additional 4,494 shares during the last quarter. KBC Group NV boosted its holdings 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 buying an additional 1,061 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of First Interstate BancSystem in the first quarter worth approximately $215,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Up 0.6%

FIBK stock opened at $31.89 on Monday. The firm has a fifty day moving average price of $31.36 and a 200 day moving average price of $29.04. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. 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 $3.34 billion, a PE ratio of 14.36 and a beta of 0.79.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem’s payout ratio is presently 84.68%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FIBK shares. Wells Fargo & Company raised their price objective on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. 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 report on Monday, June 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Saturday, September 27th. Barclays raised shares of First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, DA Davidson raised their price objective on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $35.14.

Insider Buying and Selling at First Interstate BancSystem

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 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 directly owned 529,256 shares of the company’s stock, valued at $14,745,072.16. The trade was a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John M. Heyneman, Jr. sold 11,818 shares of First Interstate BancSystem stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 131,818 shares of company stock valued at $3,915,917 over the last ninety days. 8.20% of the stock is owned by insiders.

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.