First Interstate BancSystem, Inc. $FIBK Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management cut its First Interstate BancSystem stake by 56.5% in the second quarter, selling 41,374 shares and retaining 31,907 shares valued at $1.23 million. Institutional investors collectively own 88.71% of the company.
• First Interstate BancSystem reported quarterly EPS of $0.87, surpassing the $0.69 consensus estimate, while revenue rose 6.4% year over year to $263.9 million. The company also pays a quarterly dividend of $0.47 per share, representing a 4.8% annualized yield.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating and a $36.83 price target, below its reported trading price of $39.17. Major shareholders also sold shares, including $1.16 million in insider sales over the latest quarter.

Wedge Capital Management L L P NC decreased its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 56.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,907 shares of the financial services provider's stock after selling 41,374 shares during the quarter. Wedge Capital Management L L P NC's holdings in First Interstate BancSystem were worth $1,230,000 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. Northern Capital Management Inc. grew its holdings in First Interstate BancSystem by 0.5% in the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider's stock valued at $1,803,000 after buying an additional 275 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock worth $70,000 after acquiring an additional 315 shares during the period. HighTower Advisors LLC raised its holdings in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider's stock worth $491,000 after acquiring an additional 375 shares during the period. Alliancebernstein L.P. boosted its position in shares of First Interstate BancSystem by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock valued at $3,461,000 after acquiring an additional 397 shares during the last quarter. Finally, First Horizon Corp boosted its position in shares of First Interstate BancSystem by 56.0% during the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 455 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total transaction of $163,305.00. Following the sale, the insider owned 862,128 shares of the company's stock, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the transaction, the insider directly owned 488,359 shares of the company's stock, valued at approximately $17,566,273.23. The trade was a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 32,392 shares of company stock worth $1,161,552 over the last quarter. Insiders own 8.00% of the company's stock.

First Interstate BancSystem Trading Up 0.8%

Shares of NASDAQ FIBK opened at $39.17 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.73 billion, a PE ratio of 12.05 and a beta of 0.76. First Interstate BancSystem, Inc. has a twelve month low of $29.10 and a twelve month high of $40.60. The stock has a fifty day simple moving average of $38.04 and a 200-day simple moving average of $36.14.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. During the same quarter in the prior year, the company earned $0.69 EPS. First Interstate BancSystem's revenue was up 6.4% on a year-over-year basis. On average, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.47 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 4.8%. First Interstate BancSystem's dividend payout ratio is 57.85%.

Analyst Upgrades and Downgrades

FIBK has been the subject of several recent analyst reports. DA Davidson restated a "neutral" rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Barclays downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Finally, UBS Group raised their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a report on Friday, May 1st. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $36.83.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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