102,340 Shares in First Interstate BancSystem, Inc. $FIBK Bought by Deutsche Bank AG

Key Points

• Deutsche Bank purchased 102,340 shares of First Interstate BancSystem in the second quarter, valued at approximately $3.95 million. Institutional investors collectively own 88.71% of the company.
• Analysts remain cautious, with a consensus rating of “Reduce” and an average price target of $36.83. Recent target changes ranged from $33 to $39.
• First Interstate exceeded quarterly expectations, reporting $0.87 in earnings per share and $263.9 million in revenue, while maintaining a quarterly dividend of $0.47 per share, yielding about 5.1% annually.

Deutsche Bank AG purchased a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 102,340 shares of the financial services provider's stock, valued at approximately $3,946,000. Deutsche Bank AG owned about 0.11% of First Interstate BancSystem as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth about $25,000. Kestra Advisory Services LLC purchased a new stake in First Interstate BancSystem during the 4th quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its position in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after acquiring an additional 862 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in First Interstate BancSystem in the 3rd quarter worth approximately $52,000. Finally, Torren Management LLC purchased a new position in First Interstate BancSystem in the 4th quarter worth approximately $61,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FIBK. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. Wells Fargo & Company restated an "underweight" rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. UBS Group upped their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research note on Friday, May 1st. Finally, DA Davidson reissued a "neutral" rating and issued a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $36.83.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the transaction, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the sale, the insider directly owned 866,628 shares in the company, valued at $30,834,624.24. The trade was a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 32,392 shares of company stock valued at $1,161,552. 8.00% of the stock is currently owned by company insiders.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $37.06 on Wednesday. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The company's 50-day moving average is $38.24 and its 200 day moving average is $36.19. The stock has a market capitalization of $3.53 billion, a P/E ratio of 11.40 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. During the same period last year, the business posted $0.69 earnings per share. First Interstate BancSystem's quarterly revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 57.85%.

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.

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