First Interstate Bank Trims Stock Holdings in First Interstate BancSystem, Inc. $FIBK

First Interstate Bank cut its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,694,218 shares of the financial services provider’s stock after selling 229,773 shares during the period. First Interstate BancSystem comprises approximately 8.3% of First Interstate Bank’s holdings, making the stock its 2nd biggest position. First Interstate Bank owned 4.48% of First Interstate BancSystem worth $149,605,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its stake in First Interstate BancSystem by 14.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 17,645 shares of the financial services provider’s stock valued at $562,000 after acquiring an additional 2,201 shares during the period. Stephens Inc. AR acquired a new position in First Interstate BancSystem during the 3rd quarter valued at approximately $219,000. First Horizon Corp bought a new position in First Interstate BancSystem during the 3rd quarter worth $26,000. Bayforest Capital Ltd grew its stake in First Interstate BancSystem by 11.9% during the 3rd quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider’s stock worth $230,000 after buying an additional 769 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in First Interstate BancSystem in the third quarter worth $131,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FIBK shares. Barclays upped their price target on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. Wall Street Zen cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday, December 29th. UBS Group reiterated a “neutral” rating and set a $37.00 price objective on shares of First Interstate BancSystem in a research report on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods raised their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Four investment 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.29.

First Interstate BancSystem Trading Down 2.0%

Shares of NASDAQ:FIBK opened at $36.11 on Wednesday. The firm has a fifty day moving average of $34.54 and a two-hundred day moving average of $32.43. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $38.01. The firm has a market capitalization of $3.72 billion, a P/E ratio of 15.24 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, November 6th. The financial services provider reported $0.69 EPS for the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%.The firm had revenue of $250.50 million for the quarter. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Monday, November 10th were paid a $0.47 dividend. The ex-dividend date was Monday, November 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. First Interstate BancSystem’s payout ratio is 79.32%.

Insiders Place Their Bets

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $32.75, for a total transaction of $327,500.00. Following the transaction, the insider owned 224,460 shares in the company, valued at $7,351,065. This represents a 4.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jonathan R. Scott sold 1,827 shares of First Interstate BancSystem stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the completion of the sale, the insider directly owned 936,024 shares of the company’s stock, valued at approximately $34,558,006.08. The trade was a 0.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 67,232 shares of company stock valued at $2,138,746 over the last ninety days. Corporate insiders own 8.20% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.