Great Lakes Advisors LLC Cuts Holdings in First Interstate BancSystem, Inc. $FIBK

Key Points

• Great Lakes Advisors LLC reduced its stake in First Interstate BancSystem by 10.8%, selling 18,897 shares, now holding approximately 0.15% of the company worth about $4.47 million.
• Institutional investors collectively own 88.71% of First Interstate BancSystem, with significant increases in holdings from firms like Nuveen LLC and MetLife Investment Management LLC.
• First Interstate BancSystem announced a quarterly dividend of $0.47, representing an annualized dividend of $1.88, with a yield of 5.8%.

Great Lakes Advisors LLC reduced its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 10.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 155,930 shares of the financial services provider's stock after selling 18,897 shares during the period. Great Lakes Advisors LLC owned 0.15% of First Interstate BancSystem worth $4,467,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Wood Tarver Financial Group LLC bought a new position in shares of First Interstate BancSystem during the fourth quarter valued at about $26,000. JNBA Financial Advisors bought a new position in shares of First Interstate BancSystem during the first quarter valued at about $29,000. Quarry LP raised its position in First Interstate BancSystem by 63.8% in the first quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock worth $33,000 after acquiring an additional 450 shares during the period. Exchange Traded Concepts LLC raised its position in First Interstate BancSystem by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock worth $139,000 after acquiring an additional 4,494 shares during the period. Finally, KBC Group NV raised its position in First Interstate BancSystem by 26.4% in the first 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 period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded down $0.21 during midday trading on Monday, hitting $32.48. The company's stock had a trading volume of 152,037 shares, compared to its average volume of 823,119. The stock has a fifty day moving average price of $30.79 and a 200 day moving average price of $28.66. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 14.65 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. The business had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. First Interstate BancSystem's revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 EPS. On average, research 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. Investors of record on Monday, August 11th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem's dividend payout ratio is 84.68%.

Analyst Upgrades and Downgrades

Several brokerages have commented on FIBK. Wells Fargo & Company lifted their price objective 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. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $28.00 to $32.00 in a research report on Tuesday, July 8th. DA Davidson lifted their price objective 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. Finally, 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 report on Monday, June 23rd. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $34.86.

Insider Buying and Selling

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 529,256 shares of the company's stock, valued at approximately $14,745,072.16. This represents a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 5,224 shares in the company, valued at $157,660.32. This trade represents a 69.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock worth $3,600,017 in the last ninety days. 8.20% of the stock is currently owned by insiders.

First Interstate BancSystem 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.