Ieq Capital LLC Purchases Shares of 9,879 First Interstate BancSystem, Inc. $FIBK

Key Points

• Ieq Capital LLC acquired 9,879 shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK), valued at around $283,000, during the first quarter.
• Research analysts have mixed ratings on FIBK, with a consensus rating of "Hold" and a target price of $35.43.
• The company announced a quarterly dividend of $0.47 per share, reflecting an annualized yield of 5.8%.

Ieq Capital LLC bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 9,879 shares of the financial services provider's stock, valued at approximately $283,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC acquired a new position in First Interstate BancSystem in the 4th quarter valued at $26,000. JNBA Financial Advisors acquired a new position in First Interstate BancSystem in the 1st quarter valued at $29,000. Exchange Traded Concepts LLC raised its stake in First Interstate BancSystem by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 4,494 shares during the last quarter. KBC Group NV raised its stake in First Interstate BancSystem by 26.4% in the 1st quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 1,061 shares during the last quarter. Finally, GTS Securities LLC acquired a new position in First Interstate BancSystem in the 4th quarter valued at $203,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was 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 directly owned 529,256 shares in the company, valued at $14,745,072.16. This trade represents a 9.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the transaction, the director owned 5,224 shares of the company's stock, valued at $157,660.32. This trade represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock valued at $3,600,017 over the last 90 days. 8.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FIBK has been the subject of several recent research reports. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. 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 note on Monday, June 23rd. Wells Fargo & Company increased their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research note on Thursday, July 10th. Finally, Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, First Interstate BancSystem presently has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Trading Up 1.1%

Shares of NASDAQ FIBK traded up $0.36 during mid-day trading on Thursday, reaching $32.48. 731,992 shares of the company's stock were exchanged, compared to its average volume of 743,386. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 14.63 and a beta of 0.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The company's 50-day moving average is $30.76 and its 200-day moving average is $28.67.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 EPS for the quarter, beating 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 company had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. During the same period last year, the business posted $0.58 EPS. First Interstate BancSystem's revenue for the quarter was up 1.6% on a year-over-year basis. Analysts expect 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 was Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) is 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.