Bank of New York Mellon Corp Sells 10,055 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Bank of New York Mellon Corp decreased its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 782,516 shares of the financial services provider's stock after selling 10,055 shares during the period. Bank of New York Mellon Corp owned about 0.75% of First Interstate BancSystem worth $22,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. D.A. Davidson & CO. raised its stake in shares of First Interstate BancSystem by 12.6% in the first quarter. D.A. Davidson & CO. now owns 30,118 shares of the financial services provider's stock worth $863,000 after purchasing an additional 3,367 shares during the last quarter. JNBA Financial Advisors acquired a new position in First Interstate BancSystem during the first quarter worth $29,000. Altus Wealth Group LLC lifted its stake in shares of First Interstate BancSystem by 11.1% in the 1st quarter. Altus Wealth Group LLC now owns 26,487 shares of the financial services provider's stock valued at $759,000 after purchasing an additional 2,648 shares during the last quarter. KBC Group NV lifted its stake in shares of First Interstate BancSystem by 26.4% in the 1st quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 1,061 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of First Interstate BancSystem by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 4,494 shares during the last quarter. Institutional investors own 88.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. 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 report on Thursday, July 10th. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a research report on Monday, June 23rd. Finally, Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $35.43.

First Interstate BancSystem Price Performance

FIBK traded down $0.01 during midday trading on Friday, reaching $30.76. 523,955 shares of the company's stock were exchanged, compared to its average volume of 709,329. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of 14.58 and a beta of 0.79. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The business has a 50-day simple moving average of $28.31 and a two-hundred day simple moving average of $29.06.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The firm had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 earnings per share. As a group, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.11%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem's payout ratio is 89.10%.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $31.11, for a total value of $1,711,050.00. Following the transaction, the insider directly owned 584,256 shares of the company's stock, valued at approximately $18,176,204.16. This trade represents a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.20% of the company's stock.

About First Interstate BancSystem

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.