Dimensional Fund Advisors LP Raises Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• Dimensional Fund Advisors LP increased its stake in First Interstate BancSystem by 3.2%, owning approximately 5,209,671 shares valued at $149.25 million.
• Analysts' ratings for First Interstate BancSystem are mixed, with three giving a Buy rating, one a Sell rating, and an average target price of $35.43.
• First Interstate BancSystem announced a quarterly dividend of $0.47 per share, representing a 6.2% yield and a payout ratio of 84.68%.

Dimensional Fund Advisors LP boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 3.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,209,671 shares of the financial services provider's stock after acquiring an additional 163,930 shares during the quarter. Dimensional Fund Advisors LP owned 4.98% of First Interstate BancSystem worth $149,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of FIBK. Russell Investments Group Ltd. raised its position in First Interstate BancSystem by 39.9% during the 1st quarter. Russell Investments Group Ltd. now owns 55,484 shares of the financial services provider's stock valued at $1,590,000 after purchasing an additional 15,822 shares during the last quarter. Nuveen LLC purchased a new stake in shares of First Interstate BancSystem in the 1st quarter worth approximately $32,796,000. Wolverine Asset Management LLC purchased a new stake in shares of First Interstate BancSystem in the 1st quarter worth approximately $596,000. Deutsche Bank AG increased its holdings in shares of First Interstate BancSystem by 0.7% in the 1st quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock worth $2,007,000 after purchasing an additional 455 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of First Interstate BancSystem by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,114,913 shares of the financial services provider's stock worth $31,942,000 after purchasing an additional 8,131 shares in the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK traded up $0.10 during mid-day trading on Tuesday, hitting $31.93. The company's stock had a trading volume of 689,395 shares, compared to its average volume of 896,424. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 14.38 and a beta of 0.83. The business's fifty day moving average is $29.76 and its two-hundred day moving average is $28.62.

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 EPS for the quarter, beating the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The company had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. During the same period in the prior year, the company earned $0.58 earnings per share. The firm's revenue was up 1.6% on a year-over-year basis. Analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a $0.47 dividend. The ex-dividend date of this dividend 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%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. 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 research note on Thursday, July 10th. Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods raised 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. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of "Hold" and a consensus price target of $35.43.

Insider Transactions at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the sale, the director owned 5,224 shares in the company, valued at $157,660.32. This trade represents a 69.35% decrease in their position. The sale 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 stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the transaction, the insider directly owned 529,256 shares of the company's stock, valued at $14,745,072.16. The trade was a 9.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,818 shares of company stock valued at $3,600,017. 8.20% of the stock is owned by insiders.

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.