Brown Advisory Inc. Cuts Position in First Interstate BancSystem, Inc. $FIBK

Brown Advisory Inc. reduced its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 22.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 719,667 shares of the financial services provider's stock after selling 210,172 shares during the period. Brown Advisory Inc. owned 0.70% of First Interstate BancSystem worth $24,900,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FIBK. Dimensional Fund Advisors LP grew its position in First Interstate BancSystem by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider's stock worth $175,140,000 after acquiring an additional 78,835 shares during the period. HoldCo Asset Management LP increased its position in shares of First Interstate BancSystem by 10.6% during the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider's stock worth $125,890,000 after acquiring an additional 380,000 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of First Interstate BancSystem during the third quarter worth $2,115,000. Cambria Investment Management L.P. purchased a new position in First Interstate BancSystem in the third quarter valued at $9,083,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in shares of First Interstate BancSystem during the third quarter worth about $895,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 6th. DA Davidson lowered shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Piper Sandler dropped their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, April 2nd. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 15th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, First Interstate BancSystem has a consensus rating of "Hold" and a consensus target price of $37.00.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $36.43 on Tuesday. The company has a market cap of $3.54 billion, a PE ratio of 11.87 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a fifty day moving average price of $35.03 and a two-hundred day moving average price of $35.30. First Interstate BancSystem, Inc. has a fifty-two week low of $25.81 and a fifty-two week high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The company had revenue of $5.10 million during the quarter, compared to the consensus estimate of $242.78 million. During the same period in the previous year, the firm posted $0.49 earnings per share. Analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 5.2%. First Interstate BancSystem's dividend payout ratio is presently 61.24%.

Insider Buying and Selling at First Interstate BancSystem

In other news, 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 transaction, the insider directly owned 866,628 shares of the company's stock, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.00% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.