Vanguard Group Inc. Decreases Stake 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. reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 reporting period.

Other large investors have also bought and sold shares of the company. Wood Tarver Financial Group LLC purchased a new position in shares of First Interstate BancSystem during the fourth quarter valued at approximately $26,000. JNBA Financial Advisors purchased a new position in shares of First Interstate BancSystem during the first quarter valued at approximately $29,000. Sterling Capital Management LLC increased its stake in shares of First Interstate BancSystem by 826.3% during the fourth 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. Exchange Traded Concepts LLC boosted its position in shares of First Interstate BancSystem by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 4,494 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of First Interstate BancSystem by 26.4% during the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 1,061 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $30.33 on Tuesday. The stock has a market capitalization of $3.18 billion, a PE ratio of 13.66 and a beta of 0.83. The business has a 50 day simple moving average of $29.29 and a two-hundred day simple moving average of $28.66. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77.

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

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Monday, August 11th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend is Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 84.68%.

Wall Street Analyst Weigh In

Several research firms have commented on FIBK. Wells Fargo & Company boosted their target price 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 downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a 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 on the stock in a report on Monday, June 23rd. Finally, Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $35.43.

Insider Activity at First Interstate BancSystem

In related news, 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 completion of the sale, 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 position. 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 firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director directly owned 5,224 shares of the company's stock, valued at $157,660.32. This represents 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 ninety days. Corporate insiders own 8.20% of the company's stock.

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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