Invesco Ltd. Sells 866,879 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Invesco Ltd. reduced its holdings in First Interstate BancSystem by 72.1% in Q1, selling 866,879 shares, while still owning approximately 0.32% of the company worth around $9.59 million.
• Major shareholder Susan Scott Heyneman Trust sold 55,000 shares of the bank's stock, decreasing their position by 9.41%, while total insider selling in the last ninety days amounted to $3.6 million.
• First Interstate BancSystem's recent quarterly earnings showed an EPS of $0.69, exceeding estimates, and the company announced a quarterly dividend of $0.47, representing an annual yield of 5.9%.

Invesco Ltd. reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 72.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 334,773 shares of the financial services provider's stock after selling 866,879 shares during the quarter. Invesco Ltd. owned about 0.32% of First Interstate BancSystem worth $9,591,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FIBK. Wellington Management Group LLP lifted its stake in shares of First Interstate BancSystem by 88.3% in the fourth quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock worth $78,760,000 after acquiring an additional 1,137,401 shares during the period. First Interstate Bank lifted its stake in shares of First Interstate BancSystem by 14.1% in the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock worth $144,778,000 after acquiring an additional 624,268 shares during the period. FJ Capital Management LLC acquired a new position in shares of First Interstate BancSystem in the fourth quarter worth approximately $19,960,000. Victory Capital Management Inc. lifted its stake in shares of First Interstate BancSystem by 36.4% in the first quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider's stock worth $49,655,000 after acquiring an additional 462,866 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of First Interstate BancSystem by 149.5% in the first quarter. Harbor Capital Advisors Inc. now owns 353,086 shares of the financial services provider's stock worth $10,116,000 after acquiring an additional 211,584 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

FIBK has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a research note on Monday, June 23rd. Wall Street Zen lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company boosted their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research note 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Stock Up 2.1%

Shares of NASDAQ:FIBK traded up $0.67 during trading on Friday, reaching $32.72. 1,065,264 shares of the stock were exchanged, compared to its average volume of 776,295. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The stock has a fifty day moving average of $30.12 and a two-hundred day moving average of $28.62. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 14.74 and a beta of 0.83.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results 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. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.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 firm earned $0.58 earnings per share. First Interstate BancSystem's revenue for the quarter was up 1.6% on a year-over-year basis. Research analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem's dividend payout ratio is presently 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.