Rafferty Asset Management LLC Sells 16,288 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Rafferty Asset Management LLC has reduced its holdings in First Interstate BancSystem by 14.3% during the first quarter, now owning approximately $2.80 million in stock.
• Multiple institutional investors, including Nuveen LLC and Wellington Management Group LLP, increased their stakes significantly, with Wellington's holdings rising by 88.3%.
• First Interstate BancSystem reported a quarterly EPS of $0.69, beating estimates, and announced a quarterly dividend of $0.47 per share with an annual yield of 5.7%.

Rafferty Asset Management LLC lowered its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,571 shares of the financial services provider's stock after selling 16,288 shares during the quarter. Rafferty Asset Management LLC owned 0.09% of First Interstate BancSystem worth $2,795,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP increased its position in shares of First Interstate BancSystem by 3.2% during the first quarter. Dimensional Fund Advisors LP now owns 5,209,671 shares of the financial services provider's stock valued at $149,254,000 after acquiring an additional 163,930 shares during the last quarter. First Interstate Bank grew its stake 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 valued at $144,778,000 after purchasing an additional 624,268 shares during the period. Wellington Management Group LLP increased its position in shares of First Interstate BancSystem by 31.6% during the 1st quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider's stock valued at $91,481,000 after purchasing an additional 767,432 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of First Interstate BancSystem by 36.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider's stock worth $49,655,000 after purchasing an additional 462,866 shares during the period. Finally, Nuveen LLC bought a new stake in shares of First Interstate BancSystem during the 1st quarter worth $32,796,000. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Trading Down 0.5%

Shares of FIBK traded down $0.18 during trading hours on Wednesday, reaching $32.38. 316,108 shares of the company traded hands, compared to its average volume of 818,865. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 14.57 and a beta of 0.80. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The company's fifty day moving average price is $30.32 and its two-hundred day moving average price is $28.62. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $36.77.

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 EPS for the quarter, topping the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The business had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. First Interstate BancSystem's quarterly revenue was up 1.6% on a year-over-year basis. Equities research 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.8%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 84.68%.

Insider Activity

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the transaction, the insider directly owned 529,256 shares of the company's stock, valued at approximately $14,745,072.16. This trade represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the completion of the transaction, the director directly owned 5,224 shares in the company, valued at $157,660.32. The trade was a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 121,818 shares of company stock valued at $3,600,017 over the last quarter. 8.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of 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. Wells Fargo & Company increased 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. Wall Street Zen lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Finally, 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 report on Tuesday, July 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of "Hold" and a consensus target price 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.