NFJ Investment Group LLC Acquires Shares of 73,862 First Interstate BancSystem, Inc. $FIBK

Key Points

• NFJ Investment Group acquired 73,862 shares of First Interstate BancSystem during the second quarter, valued at approximately $2.85 million. Institutional investors collectively own 88.71% of the company.
• First Interstate BancSystem exceeded quarterly expectations, reporting $0.87 in EPS versus the $0.69 consensus estimate and revenue of $263.9 million, up 6.4% year over year.
• The company maintains a quarterly dividend of $0.47 per share, equivalent to a 5.0% annualized yield. Analysts remain cautious, with an average “Reduce” rating and a consensus price target of $36.83.

NFJ Investment Group LLC bought a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 73,862 shares of the financial services provider's stock, valued at approximately $2,848,000. NFJ Investment Group LLC owned 0.08% of First Interstate BancSystem as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Eurizon Capital SGR S.p.A. purchased a new stake in shares of First Interstate BancSystem during the fourth quarter valued at $25,000. Kestra Advisory Services LLC purchased a new stake in First Interstate BancSystem in the 4th quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its stake in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after acquiring an additional 862 shares in the last quarter. First Horizon Corp increased its position in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock worth $44,000 after acquiring an additional 455 shares during the period. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of First Interstate BancSystem during the third quarter valued at approximately $52,000. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Stock Down 0.1%

Shares of NASDAQ FIBK opened at $37.81 on Friday. First Interstate BancSystem, Inc. has a 12-month low of $29.10 and a 12-month high of $40.60. The stock's fifty day simple moving average is $38.21 and its two-hundred day simple moving average is $36.20. The stock has a market capitalization of $3.60 billion, a PE ratio of 11.63 and a beta of 0.76. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm had revenue of $263.90 million during the quarter, compared to analysts' expectations of $249.32 million. During the same period in the prior year, the business posted $0.69 EPS. The firm's quarterly revenue was up 6.4% on a year-over-year basis. As a group, analysts expect that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio is presently 57.85%.

Analyst Upgrades and Downgrades

Several research firms have commented on FIBK. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Monday, June 22nd. DA Davidson reissued a "neutral" rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. UBS Group lifted their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a report on Friday, May 1st. Finally, Barclays cut shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem presently has an average rating of "Reduce" and a consensus target price of $36.83.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company's stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the transaction, the insider owned 862,128 shares of the company's stock, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,392 shares of company stock worth $1,161,552 over the last 90 days. Company insiders own 8.00% of the company's stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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