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

First Interstate BancSystem logo with Finance background

Massachusetts Financial Services Co. MA trimmed its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 about 1.83% of First Interstate BancSystem worth $54,935,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rice Hall James & Associates LLC purchased a new stake in First Interstate BancSystem during the 1st quarter valued at approximately $2,466,000. Cerity Partners LLC grew its holdings in First Interstate BancSystem by 17.7% during the 1st quarter. Cerity Partners LLC now owns 8,960 shares of the financial services provider's stock valued at $257,000 after buying an additional 1,349 shares in the last quarter. First Interstate Bank grew its holdings in First Interstate BancSystem by 14.1% during the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock valued at $144,778,000 after buying an additional 624,268 shares in the last quarter. Brown Advisory Inc. grew its holdings in First Interstate BancSystem by 1.1% during the 1st quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock valued at $29,144,000 after buying an additional 11,209 shares in the last quarter. Finally, Davidson Investment Advisors grew its holdings in First Interstate BancSystem by 2.0% during the 1st quarter. Davidson Investment Advisors now owns 402,384 shares of the financial services provider's stock valued at $11,528,000 after buying an additional 7,728 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FIBK. Barclays raised shares of 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 report on Tuesday, July 8th. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a report on Thursday, July 10th. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Finally, 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 report on Monday, June 23rd. One 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. According to MarketBeat, First Interstate BancSystem has an average rating of "Hold" and an average target price of $35.43.

Read Our Latest Report on FIBK

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the sale, the insider owned 584,256 shares in the company, valued at approximately $18,176,204.16. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company's stock.

First Interstate BancSystem Trading Down 0.0%

Shares of NASDAQ:FIBK traded down $0.01 on Friday, hitting $30.76. 523,955 shares of the company's stock were exchanged, compared to its average volume of 709,749. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 14.58 and a beta of 0.79. The business's 50 day simple moving average is $28.23 and its two-hundred day simple moving average is $29.11. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77.

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

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.11%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

First Interstate BancSystem Profile

(Free Report)

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.

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Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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