First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,917,442 shares of the financial services provider's stock after selling 54,559 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.83% of First Interstate BancSystem worth $54,935,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FIBK. Raymond James Financial Inc. bought a new position in shares of First Interstate BancSystem during the fourth quarter valued at about $10,451,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in First Interstate BancSystem by 25.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,707 shares of the financial services provider's stock worth $965,000 after acquiring an additional 6,032 shares during the period. Swiss National Bank raised its position in shares of First Interstate BancSystem by 0.5% during the 4th quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock valued at $6,008,000 after purchasing an additional 1,000 shares during the period. Natixis Advisors LLC bought a new stake in shares of First Interstate BancSystem during the 4th quarter valued at $1,366,000. Finally, Cibc World Markets Corp bought a new stake in First Interstate BancSystem in the 4th quarter valued at $241,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the sale, the insider directly owned 584,256 shares of the company's stock, valued at $18,176,204.16. This trade represents a 8.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.20% of the company's stock.

First Interstate BancSystem Stock Down 0.7%

NASDAQ FIBK traded down $0.23 on Monday, hitting $30.53. 450,979 shares of the stock were exchanged, compared to its average volume of 708,295. The company has a 50-day moving average price of $28.31 and a 200-day moving average price of $29.06. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. The company has a market cap of $3.20 billion, a PE ratio of 14.47 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The firm had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.16%. First Interstate BancSystem's payout ratio is 89.10%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FIBK. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Wells Fargo & Company boosted 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 note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upgraded 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 note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Company 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.