Nuveen LLC Takes Position 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 acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,144,719 shares of the financial services provider's stock, valued at approximately $32,796,000. Nuveen LLC owned 1.10% of First Interstate BancSystem at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC bought a new position in First Interstate BancSystem during the first quarter worth $596,000. Deutsche Bank AG boosted its position in First Interstate BancSystem by 0.7% during the first quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock worth $2,007,000 after purchasing an additional 455 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of First Interstate BancSystem by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,114,913 shares of the financial services provider's stock valued at $31,942,000 after acquiring an additional 8,131 shares during the period. US Bancorp DE boosted its position in shares of First Interstate BancSystem by 75.8% in the first quarter. US Bancorp DE now owns 12,159 shares of the financial services provider's stock valued at $348,000 after acquiring an additional 5,244 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of First Interstate BancSystem by 9.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,414 shares of the financial services provider's stock valued at $929,000 after acquiring an additional 2,707 shares during the period. 88.71% of the stock is owned by institutional investors.

Insider Transactions at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of the 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 completion of the transaction, the director owned 5,224 shares of the company's stock, valued at approximately $157,660.32. This represents a 69.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $27.86, for a total transaction 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 $14,745,072.16. This trade represents a 9.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 121,818 shares of company stock valued at $3,600,017 in the last three months. Company insiders own 8.20% of the company's stock.

First Interstate BancSystem Price Performance

FIBK traded down $0.19 on Thursday, hitting $30.03. 411,568 shares of the stock were exchanged, compared to its average volume of 887,633. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77. The business has a 50-day moving average of $29.43 and a two-hundred day moving average of $28.67. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 13.53 and a beta of 0.83.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. The business had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. First Interstate BancSystem's revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.58 earnings per share. Sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Monday, August 11th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.3%. First Interstate BancSystem's dividend payout ratio is 84.68%.

Wall Street Analysts Forecast Growth

FIBK has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price 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. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their target price 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 target price for the company in a research report on Monday, June 23rd. Finally, Wall Street Zen cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. 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's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $35.43.

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.