Nuveen LLC Makes New $32.80 Million Investment in First Interstate BancSystem, Inc. $FIBK

Key Points

• Nuveen LLC acquired a new position in First Interstate BancSystem, purchasing approximately 1.14 million shares valued at $32.8 million, making it a significant institutional investor in the company.
• First Interstate BancSystem recently reported earnings of $0.69 per share, exceeding analysts' expectations, and declared a quarterly dividend of $0.47, with a dividend yield of 6.3%.
• Analysts have varied opinions on First Interstate BancSystem, with Barclays upgrading it to "equal weight," while other firms have given mixed ratings, indicating a consensus "Hold" rating with a target price of $35.43.

Nuveen LLC bought a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,144,719 shares of the financial services provider's stock, valued at approximately $32,796,000. Nuveen LLC owned approximately 1.10% of First Interstate BancSystem as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FIBK. Wells Fargo & Company MN grew its stake in shares of First Interstate BancSystem by 5.1% during the 4th quarter. Wells Fargo & Company MN now owns 141,032 shares of the financial services provider's stock worth $4,579,000 after purchasing an additional 6,867 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of First Interstate BancSystem by 826.3% during the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after acquiring an additional 2,231 shares during the period. Barclays PLC lifted its holdings in shares of First Interstate BancSystem by 2.6% during the 4th quarter. Barclays PLC now owns 211,638 shares of the financial services provider's stock worth $6,872,000 after acquiring an additional 5,425 shares during the period. Evergreen Capital Management LLC lifted its holdings in shares of First Interstate BancSystem by 1.9% during the 4th quarter. Evergreen Capital Management LLC now owns 24,580 shares of the financial services provider's stock worth $798,000 after acquiring an additional 468 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of First Interstate BancSystem during the 4th quarter worth about $1,028,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. 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 research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a research report on Monday, June 23rd. Finally, Wells Fargo & Company increased their price objective on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research report on Thursday, July 10th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Stock Performance

FIBK traded down $0.0690 during trading hours on Wednesday, hitting $30.0910. 191,356 shares of the stock were exchanged, compared to its average volume of 823,700. The stock has a 50-day simple moving average of $29.33 and a 200-day simple moving average of $28.67. 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 cap of $3.16 billion, a price-to-earnings ratio of 13.56 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.12. The company 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% compared to the same quarter last year. During the same period last year, the business posted $0.58 earnings per share. Analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date is Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 84.68%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 11,818 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director directly owned 5,224 shares in the company, valued at approximately $157,660.32. The trade was a 69.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the sale, the insider owned 529,256 shares in the company, valued at $14,745,072.16. This represents a 9.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 121,818 shares of company stock worth $3,600,017. Company 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.