First Interstate BancSystem, Inc. $FIBK Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group plc reduced its holdings in First Interstate BancSystem by 23.9%, resulting in ownership of 451,115 shares valued at approximately $12.9 million.
• Several institutional investors are adjusting their positions, with Sterling Capital increasing its stake by 826.3% and Exchange Traded Concepts boosting theirs by 1,258.8%.
• First Interstate BancSystem recently declared a quarterly dividend of $0.47 per share, resulting in an annualized yield of 6.2%.

Aberdeen Group plc reduced its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 451,115 shares of the financial services provider's stock after selling 142,054 shares during the period. Aberdeen Group plc owned about 0.43% of First Interstate BancSystem worth $12,924,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted 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 worth $285,000 after buying an additional 9,534 shares during the period. First Interstate Bank boosted its position in shares of First Interstate BancSystem by 14.1% during the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock worth $144,778,000 after buying an additional 624,268 shares during the period. Ameriprise Financial Inc. boosted its position 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 worth $2,043,000 after buying an additional 17,879 shares during the period. KBC Group NV boosted its position 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 worth $146,000 after buying an additional 1,061 shares during the period. Finally, Brown Advisory Inc. boosted its position in shares of First Interstate BancSystem by 1.1% during the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock worth $29,144,000 after buying an additional 11,209 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Up 6.5%

NASDAQ:FIBK traded up $1.96 during midday trading on Friday, reaching $31.99. The company had a trading volume of 1,028,522 shares, compared to its average volume of 891,893. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 14.41 and a beta of 0.83. The stock's fifty day simple moving average is $29.54 and its 200-day simple moving average is $28.61.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly 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. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The company had revenue of $248.30 million for the quarter, compared to analysts' expectations of $253.73 million. During the same period last year, the firm earned $0.58 earnings per share. First Interstate BancSystem's quarterly revenue was up 1.6% on a year-over-year basis. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were paid a $0.47 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a yield of 5.9%. First Interstate BancSystem's dividend payout ratio (DPR) is currently 84.68%.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 11,818 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director directly owned 5,224 shares in the company, valued at $157,660.32. This trade represents a 69.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the sale, the insider owned 529,256 shares in the company, valued at approximately $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,818 shares of company stock worth $3,600,017. 8.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently commented on FIBK shares. Wall Street Zen lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Wells Fargo & Company increased their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research note on Thursday, July 10th. Barclays upgraded First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a report on Monday, June 23rd. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $35.43.

First Interstate BancSystem Company 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.