Great Lakes Advisors LLC Takes $5.64 Million Position in First Interstate BancSystem, Inc. $FIBK

Great Lakes Advisors LLC acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 146,228 shares of the financial services provider's stock, valued at approximately $5,639,000. Great Lakes Advisors LLC owned 0.15% of First Interstate BancSystem as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FIBK. Eurizon Capital SGR S.p.A. bought a new stake in First Interstate BancSystem during the 4th quarter valued at $25,000. Kestra Advisory Services LLC bought a new position in shares of First Interstate BancSystem in the 4th quarter worth $29,000. EverSource Wealth Advisors LLC raised its position in shares of First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after acquiring an additional 862 shares in the last quarter. First Horizon Corp lifted its stake 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 worth $44,000 after purchasing an additional 455 shares during the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter worth $52,000. Institutional investors own 88.71% of the company's stock.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the sale, the insider owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the transaction, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 32,392 shares of company stock valued at $1,161,552. Company insiders own 8.00% of the company's stock.

First Interstate BancSystem Trading Down 1.6%

NASDAQ FIBK opened at $37.84 on Thursday. First Interstate BancSystem, Inc. has a 12-month low of $29.10 and a 12-month high of $40.60. The company has a fifty day simple moving average of $38.18 and a two-hundred day simple moving average of $36.18. 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 cap of $3.61 billion, a P/E ratio of 11.64 and a beta of 0.76.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.0%. First Interstate BancSystem's dividend payout ratio is currently 57.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FIBK shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. DA Davidson reissued a "neutral" rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Barclays cut shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $38.00 to $37.00 in a report on Monday, August 3rd. UBS Group lifted their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a research report on Friday, May 1st. Finally, Wells Fargo & Company reiterated an "underweight" rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Two 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 data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $36.83.

About First Interstate BancSystem

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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