Punch & Associates Investment Management Inc. Raises Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• Punch & Associates Investment Management Inc. increased its stake in First Interstate BancSystem, Inc. by 150.3%, acquiring an additional 353,367 shares during the first quarter.
• The company announced a quarterly dividend of $0.47, reflecting an annualized yield of 5.8% and a dividend payout ratio of 84.68%.
• Analyst ratings for FIBK vary, with three analysts rating it a Buy and one rating it a Sell, while the average target price is set at $35.43.

Punch & Associates Investment Management Inc. boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 150.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 588,427 shares of the financial services provider's stock after buying an additional 353,367 shares during the quarter. First Interstate BancSystem makes up approximately 1.1% of Punch & Associates Investment Management Inc.'s portfolio, making the stock its 23rd largest holding. Punch & Associates Investment Management Inc. owned about 0.56% of First Interstate BancSystem worth $16,858,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp lifted its position in shares of First Interstate BancSystem by 2.2% during the 4th quarter. Northern Trust Corp now owns 856,674 shares of the financial services provider's stock valued at $27,816,000 after buying an additional 18,366 shares during the last quarter. Algert Global LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at $277,000. Ameriprise Financial Inc. lifted its position in shares of 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 valued at $2,043,000 after buying an additional 17,879 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at $208,000. Finally, FJ Capital Management LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at $19,960,000. Institutional investors own 88.71% of the company's stock.

Wall Street Analysts Forecast Growth

FIBK has been the topic of a number of recent research reports. 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 research report on Thursday, July 10th. Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Barclays upgraded First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target for the company in a research 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 given a Sell rating to the company. Based on data from MarketBeat.com, First Interstate BancSystem presently has an average rating of "Hold" and an average price target of $35.43.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction on 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the transaction, the director owned 5,224 shares of the company's stock, valued at $157,660.32. This trade represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 121,818 shares of company stock valued at $3,600,017 over the last quarter. 8.20% of the stock is owned by company insiders.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded up $0.36 on Thursday, reaching $32.48. The company's stock had a trading volume of 731,992 shares, compared to its average volume of 827,749. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The company has a market capitalization of $3.41 billion, a P/E ratio of 14.63 and a beta of 0.80. The stock's 50 day simple moving average is $30.73 and its 200-day simple moving average is $28.66.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $248.30 million for the quarter, compared to the consensus estimate of $253.73 million. During the same quarter last year, the business posted $0.58 earnings per share. The firm's revenue was up 1.6% compared to the same quarter last year. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a $0.47 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.88 annualized dividend and a yield of 5.8%. First Interstate BancSystem's payout ratio is 84.68%.

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.