Comerica Bank Reduces Holdings 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 lowered its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 50.5% in the first quarter, according to its most recent disclosure with the 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC acquired a new position in First Interstate BancSystem in the 4th quarter valued at $26,000. JNBA Financial Advisors acquired a new stake in First Interstate BancSystem in the 1st quarter valued at about $29,000. Exchange Traded Concepts LLC lifted its holdings in First Interstate BancSystem by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 4,494 shares in the last quarter. KBC Group NV lifted its holdings in First Interstate BancSystem by 26.4% in the 1st quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 1,061 shares in the last quarter. Finally, GTS Securities LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter worth about $203,000. Institutional investors and hedge funds own 88.71% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a research report on Monday, June 23rd. Finally, Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $35.43.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction dated 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 sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John M. Heyneman, Jr. sold 11,818 shares of First Interstate BancSystem stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director directly owned 5,224 shares in the company, valued at $157,660.32. The trade was a 69.35% 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 in the last ninety days. Insiders own 8.20% of the company's stock.

First Interstate BancSystem Trading Down 1.1%

Shares of FIBK stock traded down $0.37 on Wednesday, reaching $32.12. The company had a trading volume of 1,050,936 shares, compared to its average volume of 728,406. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The stock has a market cap of $3.37 billion, a PE ratio of 14.47 and a beta of 0.80. The company has a 50-day moving average of $30.73 and a 200-day moving average of $28.66. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77.

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

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.88 annualized dividend and a yield of 5.9%. First Interstate BancSystem's dividend payout ratio (DPR) is currently 84.68%.

First Interstate BancSystem Profile

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.