13,732,702 Shares in First Interstate BancSystem, Inc. $FIBK Acquired by BlackRock Inc.

BlackRock Inc. acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,732,702 shares of the financial services provider's stock, valued at approximately $529,533,000. BlackRock Inc. owned about 14.14% of First Interstate BancSystem as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System acquired a new position in shares of First Interstate BancSystem during the 1st quarter valued at about $1,303,000. Hsbc Holdings PLC acquired a new stake in First Interstate BancSystem during the fourth quarter worth about $2,127,000. SG Americas Securities LLC increased its position in First Interstate BancSystem by 43.5% during the first quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider's stock worth $3,624,000 after purchasing an additional 32,914 shares during the last quarter. Villere ST Denis J & Co. LLC raised its stake in First Interstate BancSystem by 15.1% during the first quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider's stock worth $20,943,000 after purchasing an additional 82,117 shares during the period. Finally, California State Teachers Retirement System raised its stake in First Interstate BancSystem by 36.9% during the first quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider's stock worth $3,793,000 after purchasing an additional 30,614 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FIBK has been the subject of several analyst reports. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Barclays lowered shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. DA Davidson reiterated a "neutral" rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. Finally, Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $36.83.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction on Thursday, June 18th. The stock was 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 approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the sale, the insider directly owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,392 shares of company stock valued at $1,161,552 in the last three months. 8.00% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $37.24 on Tuesday. First Interstate BancSystem, Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The company has a 50 day moving average price of $38.23 and a 200 day moving average price of $36.20. The stock has a market capitalization of $3.55 billion, a P/E ratio of 11.46 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.18. The company had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.69 earnings per share. Equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio (DPR) is currently 57.85%.

First Interstate BancSystem Profile

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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