Comerica Bank Trims Stake in First Interstate BancSystem, Inc. $FIBK

Key Points

• Comerica Bank has reduced its stake in First Interstate BancSystem by 50.5%, leaving it with 14,030 shares valued at $402,000.
• Recent analysis shows a range of new price targets for First Interstate BancSystem, with Keefe, Bruyette & Woods upgrading the stock to a "moderate buy" with a target of $32.00.
• The company recently declared a quarterly dividend of $0.47 per share, yielding 5.7% annually, with a dividend payout ratio of 84.68%.

Comerica Bank trimmed its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 50.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,030 shares of the financial services provider's stock after selling 14,327 shares during the period. Comerica Bank's holdings in First Interstate BancSystem were worth $402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of FIBK. Northern Trust Corp raised its holdings in shares of First Interstate BancSystem by 2.2% during the 4th quarter. Northern Trust Corp now owns 856,674 shares of the financial services provider's stock worth $27,816,000 after acquiring an additional 18,366 shares in the last quarter. Algert Global LLC purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $277,000. Ameriprise Financial Inc. raised its holdings in shares of First Interstate BancSystem by 39.7% during the 4th quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider's stock worth $2,043,000 after acquiring an additional 17,879 shares in the last quarter. Captrust Financial Advisors purchased a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $208,000. Finally, Janus Henderson Group PLC increased its position in shares of First Interstate BancSystem by 15.2% during the 4th quarter. Janus Henderson Group PLC now owns 44,817 shares of the financial services provider's stock valued at $1,455,000 after purchasing an additional 5,900 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price on the stock in a research report on Monday, June 23rd. DA Davidson boosted their target price on First Interstate BancSystem from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Friday. Wells Fargo & Company boosted their target price on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, First Interstate BancSystem has an average rating of "Hold" and an average price target of $34.86.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 11,818 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the completion of the sale, the director directly owned 5,224 shares in the company, valued at approximately $157,660.32. This trade represents a 69.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the sale, the insider owned 529,256 shares of the company's stock, valued at approximately $14,745,072.16. This trade represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock valued at $3,600,017 over the last 90 days. 8.20% of the stock is currently owned by company insiders.

First Interstate BancSystem Stock Up 0.6%

Shares of NASDAQ FIBK traded up $0.20 during mid-day trading on Friday, reaching $32.68. 743,047 shares of the company were exchanged, compared to its average volume of 754,252. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 14.72 and a beta of 0.80. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The firm has a 50-day moving average of $30.79 and a 200 day moving average of $28.67.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. The firm had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The firm's quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.58 EPS. On average, research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem's dividend payout ratio is 84.68%.

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.