Vanguard Group Inc. Lowers Stock Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• Vanguard Group Inc. has decreased its stake in First Interstate BancSystem, Inc. by 1.4%, now holding about 8.71% of the company valued at approximately $260.71 million.
• First Interstate BancSystem announced a quarterly dividend of $0.47 per share, reflecting a 6.2% dividend yield, with a payout ratio of 84.68%.
• The company reported earnings of $0.69 per share, beating analyst estimates and showing a 1.6% revenue increase year-over-year, despite underperforming compared to revenue expectations.

Vanguard Group Inc. cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,099,824 shares of the financial services provider's stock after selling 129,961 shares during the period. Vanguard Group Inc. owned about 8.71% of First Interstate BancSystem worth $260,710,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its stake in shares of First Interstate BancSystem by 5.1% in the 4th quarter. Wells Fargo & Company MN now owns 141,032 shares of the financial services provider's stock valued at $4,579,000 after buying an additional 6,867 shares during the period. Sterling Capital Management LLC raised its holdings in First Interstate BancSystem by 826.3% in the fourth quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock valued at $81,000 after acquiring an additional 2,231 shares in the last quarter. Barclays PLC lifted its stake in First Interstate BancSystem by 2.6% in the fourth quarter. Barclays PLC now owns 211,638 shares of the financial services provider's stock worth $6,872,000 after acquiring an additional 5,425 shares during the last quarter. Marshall Wace LLP acquired a new position in First Interstate BancSystem during the 4th quarter worth approximately $1,028,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in First Interstate BancSystem by 3.4% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 36,620 shares of the financial services provider's stock worth $1,188,000 after acquiring an additional 1,200 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FIBK has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a report on Thursday, July 10th. Wall Street Zen lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target for the company in a report on Monday, June 23rd. Finally, Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $35.43.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 11,818 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the transaction, the director directly owned 5,224 shares in the company, valued at approximately $157,660.32. This trade represents a 69.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock valued at $3,600,017 in the last ninety days. Corporate insiders own 8.20% of the company's stock.

First Interstate BancSystem Stock Performance

NASDAQ FIBK traded up $1.96 during trading on Friday, reaching $31.99. The company's stock had a trading volume of 1,028,522 shares, compared to its average volume of 877,053. The business's fifty day moving average price is $29.54 and its 200-day moving average price is $28.64. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 14.41 and a beta of 0.83.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.12. The business had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The company's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 earnings per share. As a group, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.88 annualized dividend and a yield of 5.9%. First Interstate BancSystem's payout ratio is currently 84.68%.

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.