Great Lakes Advisors LLC Has $4.47 Million Stock 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 cut its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 10.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 155,930 shares of the financial services provider's stock after selling 18,897 shares during the period. Great Lakes Advisors LLC owned about 0.15% of First Interstate BancSystem worth $4,467,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP boosted its stake in First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock valued at $33,000 after buying an additional 450 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of First Interstate BancSystem by 0.7% in the first quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock worth $2,007,000 after acquiring an additional 455 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth about $26,000. Evergreen Capital Management LLC boosted its position in shares of First Interstate BancSystem by 4.0% during the first quarter. Evergreen Capital Management LLC now owns 25,571 shares of the financial services provider's stock worth $733,000 after buying an additional 991 shares during the period. Finally, JNBA Financial Advisors acquired a new position in First Interstate BancSystem during the first quarter valued at approximately $29,000. 88.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction on Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the transaction, the insider owned 529,256 shares in the company, valued at approximately $14,745,072.16. This trade represents a 9.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director owned 5,224 shares in the company, valued at $157,660.32. This represents a 69.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,818 shares of company stock worth $3,600,017. Corporate insiders own 8.20% of the company's stock.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock traded up $0.20 during mid-day trading on Friday, reaching $32.68. 743,047 shares of the company were exchanged, compared to its average volume of 754,252. The company has a fifty day simple moving average of $30.79 and a 200-day simple moving average of $28.69. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The firm has a market cap of $3.43 billion, a PE ratio of 14.72 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The firm had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. During the same quarter last year, the company earned $0.58 EPS. The company's revenue was up 1.6% on a year-over-year basis. As a group, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were paid a $0.47 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.88 annualized dividend and a dividend yield of 5.8%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 84.68%.

About First Interstate BancSystem

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.