Dakota Wealth Management Reduces Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Dakota Wealth Management lessened its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 54.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,213 shares of the financial services provider's stock after selling 10,794 shares during the quarter. Dakota Wealth Management's holdings in First Interstate BancSystem were worth $264,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FIBK. Wood Tarver Financial Group LLC purchased a new position in First Interstate BancSystem in the fourth quarter worth approximately $26,000. JNBA Financial Advisors acquired a new stake in shares of First Interstate BancSystem in the first quarter valued at $29,000. Meeder Asset Management Inc. acquired a new stake in First Interstate BancSystem in the fourth quarter valued at $69,000. Covestor Ltd raised its stake in First Interstate BancSystem by 25.8% in the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after buying an additional 510 shares in the last quarter. Finally, Sterling Capital Management LLC increased its position in shares of First Interstate BancSystem by 826.3% during the fourth quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,231 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

Insider Activity

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the completion of the transaction, the insider directly 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.20% of the company's stock.

Wall Street Analysts Forecast Growth

FIBK has been the topic of a number of research reports. Wells Fargo & Company raised their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target for the company in a report on Monday, June 23rd. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. One investment 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $35.43.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $30.77 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of 14.58 and a beta of 0.79. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The company's fifty day moving average is $28.16 and its two-hundred day moving average is $29.13.

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

First Interstate BancSystem Dividend Announcement

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

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.

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