Kestra Investment Management LLC Reduces Stock Holdings in 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 stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 43.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FIBK. GAMMA Investing LLC lifted its stake in shares of First Interstate BancSystem by 2,336.8% during the 1st quarter. GAMMA Investing LLC now owns 9,942 shares of the financial services provider's stock worth $285,000 after acquiring an additional 9,534 shares during the last quarter. First Interstate Bank lifted its stake in shares of First Interstate BancSystem by 14.1% during the 1st 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 last quarter. Ameriprise Financial Inc. lifted its stake 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 during the last quarter. KBC Group NV lifted its stake in shares of First Interstate BancSystem by 26.4% during the 1st quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock worth $146,000 after acquiring an additional 1,061 shares during the last quarter. Finally, Brown Advisory Inc. lifted its stake in shares of First Interstate BancSystem by 1.1% during the 1st quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock worth $29,144,000 after acquiring an additional 11,209 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director John M. Heyneman, Jr. sold 11,818 shares of the business'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 transaction, the director directly owned 5,224 shares in the company, valued at $157,660.32. The trade was a 69.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business'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 transaction, the insider owned 529,256 shares in the company, 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 sold a total of 121,818 shares of company stock worth $3,600,017 over the last quarter. Company insiders own 8.20% of the company's stock.

First Interstate BancSystem Stock Up 0.6%

Shares of NASDAQ:FIBK traded up $0.20 on Friday, reaching $32.68. The company had a trading volume of 743,047 shares, compared to its average volume of 754,252. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The firm's 50 day simple moving average is $30.79 and its 200-day simple moving average is $28.67. The firm has a market capitalization of $3.43 billion, a PE ratio of 14.72 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 (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $253.73 million. During the same period last year, the business posted $0.58 EPS. The business's revenue was up 1.6% compared to the same quarter last year. As a group, analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FIBK shares. DA Davidson raised their price target on 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 raised their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $28.00 to $32.00 in a research note 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 price target for the company in a research note on Monday, June 23rd. Finally, Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target 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.