First Interstate BancSystem, Inc. $FIBK Shares Bought by Punch & Associates Investment Management Inc.

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 position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 150.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 588,427 shares of the financial services provider's stock after buying an additional 353,367 shares during the period. First Interstate BancSystem makes up about 1.1% of Punch & Associates Investment Management Inc.'s portfolio, making the stock its 23rd biggest holding. Punch & Associates Investment Management Inc. owned about 0.56% of First Interstate BancSystem worth $16,858,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new stake in First Interstate BancSystem in the 1st quarter worth approximately $32,796,000. Wellington Management Group LLP lifted its position in First Interstate BancSystem by 88.3% in the fourth quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock worth $78,760,000 after buying an additional 1,137,401 shares during the last quarter. First Interstate Bank boosted its stake in shares of First Interstate BancSystem by 14.1% during the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock worth $144,778,000 after purchasing an additional 624,268 shares during the period. FJ Capital Management LLC bought a new position in shares of First Interstate BancSystem during the fourth quarter valued at approximately $19,960,000. Finally, MetLife Investment Management LLC lifted its stake in shares of First Interstate BancSystem by 1,010.4% during the 1st quarter. MetLife Investment Management LLC now owns 529,823 shares of the financial services provider's stock worth $15,179,000 after acquiring an additional 482,108 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Down 1.1%

Shares of NASDAQ:FIBK traded down $0.37 on Tuesday, reaching $32.49. The company had a trading volume of 2,800,328 shares, compared to its average volume of 633,572. The firm has a market capitalization of $3.41 billion, a PE ratio of 14.64 and a beta of 0.80. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The firm's 50 day simple moving average is $30.70 and its 200-day simple moving average is $28.63.

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 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 firm had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. During the same period in the prior year, the business posted $0.58 EPS. The firm's quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) is currently 84.68%.

Analysts Set New Price Targets

FIBK has been the topic of several research analyst reports. Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Wells Fargo & Company boosted 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. 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 report on Monday, June 23rd. Finally, Barclays raised shares of 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 note on Tuesday, July 8th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $35.43.

Insider Buying and Selling

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the transaction, the director owned 5,224 shares of the company's stock, valued at $157,660.32. The trade was a 69.35% 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 Susan Scott Heyneman Trust, Su sold 55,000 shares of the 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 directly owned 529,256 shares of the company's stock, valued at $14,745,072.16. The trade was a 9.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,818 shares of company stock worth $3,600,017. Insiders own 8.20% of the company's stock.

First Interstate BancSystem Company 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.