Harbor Capital Advisors Inc. Has $12.08 Million Holdings in First Interstate BancSystem, Inc. $FIBK

Key Points

• Harbor Capital Advisors Inc. increased its holdings in First Interstate BancSystem by 18.7%, acquiring a total of 419,104 shares worth approximately $12.08 million.
• First Interstate BancSystem reported $0.69 earnings per share for the latest quarter, exceeding the consensus estimate of $0.57.
• The company announced a quarterly dividend of $0.47 per share, with an annualized dividend yield of 5.8%.

Harbor Capital Advisors Inc. raised its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 18.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 419,104 shares of the financial services provider's stock after acquiring an additional 66,018 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.40% of First Interstate BancSystem worth $12,079,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Ameriprise Financial Inc. increased its position in shares of First Interstate BancSystem by 39.7% during the 4th quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider's stock valued at $2,043,000 after purchasing an additional 17,879 shares during the last quarter. Captrust Financial Advisors bought a new stake in First Interstate BancSystem during the 4th quarter valued at $208,000. Janus Henderson Group PLC grew its stake in First Interstate BancSystem by 15.2% during the 4th quarter. Janus Henderson Group PLC now owns 44,817 shares of the financial services provider's stock valued at $1,455,000 after purchasing an additional 5,900 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of First Interstate BancSystem by 4.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,160 shares of the financial services provider's stock valued at $1,466,000 after purchasing an additional 2,066 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of First Interstate BancSystem in the fourth quarter valued at $360,000. Institutional investors and hedge funds own 88.71% of the company's stock.

First Interstate BancSystem Trading Down 1.2%

NASDAQ:FIBK traded down $0.39 during trading hours on Friday, hitting $33.45. 2,186,244 shares of the stock were exchanged, compared to its average volume of 855,865. The company's 50 day moving average is $30.97 and its two-hundred day moving average is $28.78. The company has a market capitalization of $3.51 billion, a P/E ratio of 15.07 and a beta of 0.80. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued 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. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The business had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. During the same period in the previous year, the company posted $0.58 earnings per share. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

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

Insider Buying and Selling at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the transaction, the director directly owned 5,224 shares of the company's stock, valued at $157,660.32. The trade was a 69.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the 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 completion of the transaction, the insider owned 529,256 shares in the company, valued at $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 121,818 shares of company stock worth $3,600,017. Insiders own 8.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. DA Davidson lifted their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a research note on Monday, June 23rd. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $28.00 to $32.00 in a research note on Tuesday, July 8th. Finally, 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. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $34.86.

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.