South Dakota Investment Council Sells 10,100 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

South Dakota Investment Council reduced its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 35.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,427 shares of the financial services provider's stock after selling 10,100 shares during the quarter. South Dakota Investment Council's holdings in First Interstate BancSystem were worth $528,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FIBK. Wood Tarver Financial Group LLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $26,000. JNBA Financial Advisors bought a new position in shares of First Interstate BancSystem during the 1st quarter valued at $29,000. Meeder Asset Management Inc. bought a new position in shares of First Interstate BancSystem during the 4th quarter valued at $69,000. Covestor Ltd lifted its holdings in shares of First Interstate BancSystem by 25.8% during the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after buying an additional 510 shares during the period. Finally, 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 valued at $81,000 after buying an additional 2,231 shares during the period. 88.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. 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 note on Monday, June 23rd. Wells Fargo & Company boosted their price objective on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Finally, Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $35.43.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $30.53 on Tuesday. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The firm's fifty day simple moving average is $28.35 and its 200-day simple moving average is $29.05. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 14.47 and a beta of 0.79. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The business had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. During the same period in the previous year, the business posted $0.57 earnings per share. The company's revenue for the quarter was up 2.0% on a year-over-year basis. Equities analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.16%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem's payout ratio is 89.10%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the completion of the transaction, the insider owned 584,256 shares in the company, valued at approximately $18,176,204.16. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 8.20% of the stock is currently owned by insiders.

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.

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