Bank of New York Mellon Corp Has $22.42 Million Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Bank of New York Mellon Corp reduced its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 approximately 0.75% of First Interstate BancSystem worth $22,419,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of First Interstate BancSystem during the fourth quarter worth about $10,451,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in First Interstate BancSystem by 25.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,707 shares of the financial services provider's stock valued at $965,000 after acquiring an additional 6,032 shares during the period. Swiss National Bank raised its position in shares of First Interstate BancSystem by 0.5% during the 4th quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock worth $6,008,000 after purchasing an additional 1,000 shares during the period. Natixis Advisors LLC acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $1,366,000. Finally, Cibc World Markets Corp acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $241,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FIBK shares. Wells Fargo & Company lifted their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a report on Thursday, July 10th. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective on the stock in a research note on Monday, June 23rd. Finally, Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $35.43.

Insiders Place Their Bets

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction dated 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 sale, the insider owned 584,256 shares of the company's stock, valued at $18,176,204.16. The trade was a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.20% of the stock is currently owned by insiders.

First Interstate BancSystem Stock Down 0.7%

Shares of FIBK stock traded down $0.23 on Monday, hitting $30.53. The company's stock had a trading volume of 450,979 shares, compared to its average volume of 708,295. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. The firm's fifty day moving average price is $28.31 and its 200-day moving average price is $29.06. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 14.47 and a beta of 0.79.

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

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.16%. First Interstate BancSystem's payout ratio is currently 89.10%.

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.