First Interstate BancSystem, Inc. $FIBK Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in First Interstate BancSystem by 3.4%, selling 28,887 shares and maintaining a total of 827,787 shares valued at approximately $23.7 million.
• Insider transactions included Director John M. Heyneman, Jr. selling 11,818 shares and the Susan Scott Heyneman Trust selling 55,000 shares, indicating increased insider selling activity.
• Analyst ratings for First Interstate BancSystem are mixed, with three analysts rating it a Buy, while the average target price is set at $35.43.

Northern Trust Corp lessened its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 827,787 shares of the financial services provider's stock after selling 28,887 shares during the quarter. Northern Trust Corp owned approximately 0.79% of First Interstate BancSystem worth $23,716,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of First Interstate BancSystem by 2,336.8% during the first quarter. GAMMA Investing LLC now owns 9,942 shares of the financial services provider's stock worth $285,000 after purchasing an additional 9,534 shares in the last quarter. First Interstate Bank boosted its holdings in First Interstate BancSystem by 14.1% in the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock worth $144,778,000 after buying an additional 624,268 shares during the last quarter. Ameriprise Financial Inc. increased its stake in First Interstate BancSystem by 39.7% during the 4th quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider's stock worth $2,043,000 after buying an additional 17,879 shares in the last quarter. KBC Group NV raised its holdings in shares of First Interstate BancSystem by 26.4% during the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after acquiring an additional 1,061 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of First Interstate BancSystem by 1.1% in the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock valued at $29,144,000 after acquiring an additional 11,209 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FIBK has been the subject of several research reports. Wells Fargo & Company boosted their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. 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 on the stock in a research note on Monday, June 23rd. Barclays upgraded shares of 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 report on Tuesday, July 8th. Finally, Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $35.43.

First Interstate BancSystem Trading Up 0.5%

Shares of NASDAQ FIBK traded up $0.16 during midday trading on Thursday, reaching $32.64. 216,929 shares of the stock were exchanged, compared to its average volume of 817,688. The stock has a market capitalization of $3.42 billion, a P/E ratio of 14.70 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. The company has a 50 day simple moving average of $30.41 and a 200 day simple moving average of $28.65. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $248.30 million for the quarter, compared to analysts' expectations of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The firm's quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 earnings per share. As a group, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 84.68%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the sale, the insider directly owned 529,256 shares in the company, valued at approximately $14,745,072.16. The trade was a 9.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the transaction, the director directly owned 5,224 shares of the company's stock, valued at approximately $157,660.32. This trade represents a 69.35% decrease in their position. 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 three months. Corporate insiders own 8.20% of the company's stock.

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.