MetLife Investment Management LLC Has $15.18 Million Stake in First Interstate BancSystem, Inc. $FIBK

Key Points

• MetLife Investment Management significantly increased its holdings in First Interstate BancSystem by 1,010.4%, owning 529,823 shares valued at approximately $15.18 million after purchasing 482,108 additional shares in the first quarter.
• In the same period, institutional investors and hedge funds owned 88.71% of First Interstate BancSystem's stock, highlighting strong institutional interest in the company.
• First Interstate BancSystem recently announced a quarterly dividend of $0.47 per share, representing an annualized yield of 5.9% and a payout ratio of 84.68%.

MetLife Investment Management LLC lifted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1,010.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 529,823 shares of the financial services provider's stock after acquiring an additional 482,108 shares during the quarter. MetLife Investment Management LLC owned about 0.51% of First Interstate BancSystem worth $15,179,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Deutsche Bank AG boosted its stake in First Interstate BancSystem by 0.7% during the 1st quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock valued at $2,007,000 after purchasing an additional 455 shares during the period. Tower Research Capital LLC TRC boosted its stake in First Interstate BancSystem by 7.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,872 shares of the financial services provider's stock valued at $385,000 after purchasing an additional 807 shares during the period. Wood Tarver Financial Group LLC bought a new stake in First Interstate BancSystem during the 4th quarter valued at approximately $26,000. JNBA Financial Advisors bought a new stake in First Interstate BancSystem during the 1st quarter valued at approximately $29,000. Finally, Naples Global Advisors LLC boosted its stake in First Interstate BancSystem by 12.5% during the 1st quarter. Naples Global Advisors LLC now owns 9,510 shares of the financial services provider's stock valued at $272,000 after purchasing an additional 1,060 shares during the period. Institutional investors own 88.71% of the company's stock.

Insider Buying and Selling

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the completion of the transaction, the director directly owned 5,224 shares of the company's stock, valued at approximately $157,660.32. This represents a 69.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the transaction, the insider directly owned 529,256 shares of the company's stock, valued at approximately $14,745,072.16. The trade was a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 121,818 shares of company stock valued at $3,600,017. 8.20% of the stock is currently owned by insiders.

First Interstate BancSystem Stock Performance

FIBK traded up $0.67 during trading on Friday, reaching $32.72. 1,065,264 shares of the company's stock were exchanged, compared to its average volume of 768,849. 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 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average price of $30.12 and a 200 day moving average price of $28.59. The company has a market capitalization of $3.43 billion, a P/E ratio of 14.74 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping 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 business had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. During the same period in the prior year, the firm posted $0.58 EPS. First Interstate BancSystem's quarterly revenue was up 1.6% compared to the same quarter last year. As a group, analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.7%. First Interstate BancSystem's dividend payout ratio is presently 84.68%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Barclays upgraded First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and increased their target price for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Wells Fargo & Company upped their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective on the stock in a report on Monday, June 23rd. 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 data from MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and an average target price of $35.43.

First Interstate BancSystem 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.