First Interstate BancSystem, Inc. $FIBK Stock Holdings Lowered by Millennium Management LLC

Key Points

• Millennium Management LLC decreased its stake in First Interstate BancSystem by 7.0%, selling 60,465 shares and now holding 805,552 shares worth $23,079,000.
• Several institutional investors adjusted their positions, with GAMMA Investing LLC increasing its stake by an impressive 2,336.8% during the first quarter.
• First Interstate BancSystem recently paid a quarterly dividend of $0.47, representing an annualized dividend yield of 5.8%, with a payout ratio of 84.68%.

Millennium Management LLC decreased its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 805,552 shares of the financial services provider's stock after selling 60,465 shares during the period. Millennium Management LLC owned about 0.77% of First Interstate BancSystem worth $23,079,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FIBK. Wood Tarver Financial Group LLC purchased a new stake in First Interstate BancSystem during the 4th quarter worth $26,000. JNBA Financial Advisors purchased a new stake in First Interstate BancSystem during the 1st quarter worth $29,000. Quarry LP increased its stake in First Interstate BancSystem by 63.8% during the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock worth $33,000 after buying an additional 450 shares during the period. Exchange Traded Concepts LLC increased its stake in First Interstate BancSystem by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock worth $139,000 after buying an additional 4,494 shares during the period. Finally, KBC Group NV increased its stake in 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 buying an additional 1,061 shares during the period. Hedge funds and other institutional investors own 88.71% of the company's stock.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider directly owned 529,256 shares of the company's stock, valued at $14,745,072.16. The trade was a 9.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was 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 trade represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock valued at $3,600,017 over the last three months. 8.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. 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 on the stock in a research note on Monday, June 23rd. Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. DA Davidson boosted their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Finally, Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $28.00 to $32.00 in a research report on Tuesday, July 8th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $34.86.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded up $1.40 during midday trading on Thursday, hitting $33.84. The company's stock had a trading volume of 1,782,850 shares, compared to its average volume of 787,301. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The firm's fifty day moving average price is $30.92 and its 200-day moving average price is $28.74. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. The firm has a market cap of $3.55 billion, a P/E ratio of 15.24 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The business had revenue of $248.30 million during the quarter, compared to analyst estimates of $253.73 million. During the same period in the previous year, the business posted $0.58 EPS. The company's quarterly revenue was up 1.6% on a year-over-year basis. On average, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem's payout ratio is presently 84.68%.

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.