Kestra Investment Management LLC Sells 22,844 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Kestra Investment Management LLC reduced its holdings in First Interstate BancSystem by 43.3% in Q1, now owning 29,913 shares valued at $857,000 after selling 22,844 shares.
• First Interstate BancSystem reported a quarterly EPS of $0.69, exceeding estimates of $0.57, although its revenue of $248.30 million fell short of expectations by about $5.43 million.
• The company announced a quarterly dividend of $0.47 per share, yielding 5.8%, with a dividend payout ratio of 84.68%.

Kestra Investment Management LLC trimmed its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 43.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,913 shares of the financial services provider's stock after selling 22,844 shares during the period. Kestra Investment Management LLC's holdings in First Interstate BancSystem were worth $857,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of the 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 sale, the director owned 5,224 shares in the company, valued at $157,660.32. This represents a 69.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 shares were sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the sale, the insider owned 529,256 shares in the company, valued at approximately $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 have sold 121,818 shares of company stock worth $3,600,017. Corporate insiders own 8.20% of the company's stock.

First Interstate BancSystem Stock Up 0.7%

FIBK traded up $0.23 during midday trading on Friday, reaching $32.71. The company's stock had a trading volume of 436,244 shares, compared to its average volume of 824,897. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 14.73 and a beta of 0.80. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The stock's 50-day moving average is $30.76 and its 200-day moving average is $28.67.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced 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 business had revenue of $248.30 million for the quarter, compared to analysts' expectations of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The business's revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 earnings per share. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.7%. First Interstate BancSystem's dividend payout ratio is presently 84.68%.

Wall Street Analysts Forecast Growth

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

First Interstate BancSystem Company 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.