First Interstate BancSystem, Inc. $FIBK Shares Acquired by Legal & General Group Plc

Key Points

• Legal & General Group Plc increased its stake in First Interstate BancSystem by 134.4% in the fourth quarter, bringing its holdings to 217,978 shares worth about $7.54 million.
• Insider activity included major shareholder Jonathan R. Scott selling 12,892 shares at $35.58 each, reducing his ownership by 1.47%.
• First Interstate BancSystem reported quarterly EPS of $0.61, slightly beating estimates, and recently paid a $0.47 quarterly dividend, implying an annualized yield of 5.3%.

Legal & General Group Plc grew its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 134.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 217,978 shares of the financial services provider's stock after purchasing an additional 124,970 shares during the quarter. Legal & General Group Plc owned approximately 0.21% of First Interstate BancSystem worth $7,542,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of First Interstate BancSystem by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider's stock valued at $175,140,000 after acquiring an additional 78,835 shares during the last quarter. HoldCo Asset Management LP lifted its position in shares of First Interstate BancSystem by 10.6% during the 3rd quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider's stock valued at $125,890,000 after acquiring an additional 380,000 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $2,115,000. Cambria Investment Management L.P. acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $9,083,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $895,000. Institutional investors and hedge funds own 88.71% of the company's stock.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the company's stock in a transaction on 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 approximately $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 8.00% of the company's stock.

First Interstate BancSystem Price Performance

FIBK opened at $35.57 on Friday. The stock has a fifty day moving average of $34.67 and a 200-day moving average of $35.04. The firm has a market capitalization of $3.46 billion, a P/E ratio of 11.59 and a beta of 0.76. First Interstate BancSystem, Inc. has a 12-month low of $25.81 and a 12-month high of $39.26. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

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

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a $0.47 dividend. The ex-dividend date was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.3%. First Interstate BancSystem's dividend payout ratio is presently 61.24%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FIBK shares. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Saturday. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 15th. UBS Group increased their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a report on Friday, May 1st. Finally, DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and reduced their target price for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $37.00.

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.

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