First Interstate BancSystem, Inc. $FIBK Shares Sold by Villere ST Denis J & Co. LLC

Key Points

• Villere ST Denis J & Co. cut its First Interstate BancSystem stake by 6.3%, selling 36,019 shares; it retained 531,682 shares, valued at about $19 million.
• Analyst sentiment is cautious: the stock has a consensus “Reduce” rating and an average price target of $37.43.
• First Interstate reported quarterly earnings of $0.65 per share, below the $0.68 estimate, and declared a $0.47 quarterly dividend, equivalent to a 4.9% yield.

Villere ST Denis J & Co. LLC lowered its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 6.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 531,682 shares of the financial services provider's stock after selling 36,019 shares during the period. First Interstate BancSystem comprises 2.0% of Villere ST Denis J & Co. LLC's investment portfolio, making the stock its 18th biggest position. Villere ST Denis J & Co. LLC owned approximately 0.56% of First Interstate BancSystem worth $19,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of First Interstate BancSystem during the second quarter worth approximately $529,533,000. Dimensional Fund Advisors LP lifted its stake in First Interstate BancSystem by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider's stock worth $188,066,000 after acquiring an additional 231,405 shares during the last quarter. Bank of America Corp DE grew its holdings in First Interstate BancSystem by 1.4% during the 1st quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider's stock worth $59,388,000 after acquiring an additional 24,250 shares in the last quarter. First Trust Advisors LP grew its holdings in First Interstate BancSystem by 214.9% during the 1st quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider's stock worth $39,998,000 after acquiring an additional 817,235 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in First Interstate BancSystem during the 2nd quarter worth approximately $38,663,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FIBK shares. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Saturday, October 24th. DA Davidson reiterated a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $34.00 to $36.00 and gave the stock an "underweight" rating in a research note on Monday. Barclays increased their target price on First Interstate BancSystem from $37.00 to $38.00 and gave the company an "underweight" rating in a report on Monday, October 5th. Finally, Benchmark upgraded First Interstate BancSystem to a "hold" rating in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $37.43.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $38.42 on Tuesday. The company has a quick ratio of 0.69, a current ratio of 0.68 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 52 week low of $29.39 and a 52 week high of $40.60. The firm's 50 day moving average is $36.58 and its two-hundred day moving average is $36.33. The firm has a market capitalization of $3.66 billion, a P/E ratio of 12.18 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.03). First Interstate BancSystem had a return on equity of 9.49% and a net margin of 23.30%. The company had revenue of $43.30 million for the quarter, compared to analysts' expectations of $247.93 million. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.79 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 4.9%. The ex-dividend date is Tuesday, November 3rd. First Interstate BancSystem's dividend payout ratio (DPR) is currently 58.57%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director James R. Scott, Jr. sold 3,108 shares of the company's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $38.00, for a total value of $118,104.00. Following the completion of the transaction, the director owned 77,634 shares in the company, valued at $2,950,092. This represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 2,700 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the transaction, the insider directly owned 484,309 shares in the company, valued at approximately $18,229,390.76. The trade was a 0.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 40,858 shares of company stock worth $1,520,287 in the last ninety days. 8.00% of the stock is owned by corporate insiders.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management.

Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States.

Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.

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