First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. grew its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 36.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,733,162 shares of the financial services provider's stock after acquiring an additional 462,866 shares during the quarter. Victory Capital Management Inc. owned 1.66% of First Interstate BancSystem worth $49,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its holdings in First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after purchasing an additional 1,778,269 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of 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 in the last quarter. Norges Bank bought a new position in shares of First Interstate BancSystem in the fourth quarter worth approximately $24,137,000. First Interstate Bank increased its position in shares of First Interstate BancSystem by 14.1% in the first 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 last quarter. Finally, FJ Capital Management LLC bought a new position in shares of First Interstate BancSystem in the fourth quarter worth approximately $19,960,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Price Performance

NASDAQ FIBK traded down $0.01 during trading hours on Friday, reaching $30.76. The company's stock had a trading volume of 523,955 shares, compared to its average volume of 709,329. The firm's 50-day moving average price is $28.31 and its 200-day moving average price is $29.10. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 14.58 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The firm had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The firm's revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 earnings per share. On average, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a yield of 6.11%. First Interstate BancSystem's dividend payout ratio is presently 89.10%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FIBK. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $28.00 to $32.00 in a report on Tuesday, July 8th. Wells Fargo & Company raised their price objective on 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 upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Finally, Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of "Hold" and a consensus price target of $35.43.

Insiders Place Their Bets

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the transaction, the insider owned 584,256 shares in the company, valued at approximately $18,176,204.16. This trade represents a 8.60% decrease in their ownership of the stock. The sale was disclosed in a 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.