Empower Advisory Group LLC Sells 19,699 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Key Points

• Empower Advisory Group LLC reduced its holdings in First Interstate BancSystem by 70%, owning 8,462 shares worth $242,000 after selling 19,699 shares during the first quarter.
• Several hedge funds have increased their stakes, with GAMMA Investing LLC lifting its position by 2,336.8% during the same quarter.
• First Interstate BancSystem reported earnings of $0.69 per share, exceeding expectations, and announced a quarterly dividend of $0.47, equating to a 6.5% yield.

Empower Advisory Group LLC reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 70.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,462 shares of the financial services provider's stock after selling 19,699 shares during the period. Empower Advisory Group LLC's holdings in First Interstate BancSystem were worth $242,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of First Interstate BancSystem by 35.5% during the 4th quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock worth $220,352,000 after acquiring an additional 1,778,269 shares in the last quarter. First Interstate Bank grew its position in shares of First Interstate BancSystem by 14.1% in the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock valued at $144,778,000 after buying an additional 624,268 shares during the last quarter. Dimensional Fund Advisors LP grew its position in First Interstate BancSystem by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,045,741 shares of the financial services provider's stock worth $163,836,000 after purchasing an additional 138,050 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of First Interstate BancSystem by 88.3% in the fourth quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock valued at $78,760,000 after acquiring an additional 1,137,401 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of First Interstate BancSystem by 36.4% in the first quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider's stock valued at $49,655,000 after acquiring an additional 462,866 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Stock Up 2.8%

FIBK traded up $0.81 during trading on Tuesday, hitting $29.65. The company had a trading volume of 220,037 shares, compared to its average volume of 829,963. The company has a market cap of $3.11 billion, a PE ratio of 13.35 and a beta of 0.83. The business has a 50-day moving average of $29.00 and a 200-day moving average of $28.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.12. The firm 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 firm's quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.58 earnings per share. As a group, analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date of this dividend is Monday, August 11th. First Interstate BancSystem's dividend payout ratio is 84.68%.

Analysts Set New Price Targets

Several brokerages recently commented on FIBK. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a research note on Monday, June 23rd. Wall Street Zen cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday. Wells Fargo & Company lifted 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. Finally, Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $35.43.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company'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 owned 529,256 shares in the company, valued at approximately $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.20% of the company's stock.

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.