Victory Capital Management Inc. Purchases 462,866 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Victory Capital Management Inc. boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 36.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,733,162 shares of the financial services provider's stock after buying 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 SEC filing.

Other hedge funds also recently bought and sold shares of the company. Rice Hall James & Associates LLC purchased a new position in shares of First Interstate BancSystem in the first quarter valued at approximately $2,466,000. Cerity Partners LLC boosted its stake in shares of First Interstate BancSystem by 17.7% in the first quarter. Cerity Partners LLC now owns 8,960 shares of the financial services provider's stock valued at $257,000 after purchasing an additional 1,349 shares during the period. First Interstate Bank boosted its stake 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 valued at $144,778,000 after purchasing an additional 624,268 shares during the period. Brown Advisory Inc. boosted its stake in shares of First Interstate BancSystem by 1.1% in the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock valued at $29,144,000 after purchasing an additional 11,209 shares during the period. Finally, Davidson Investment Advisors lifted its stake in First Interstate BancSystem by 2.0% in the first quarter. Davidson Investment Advisors now owns 402,384 shares of the financial services provider's stock worth $11,528,000 after acquiring an additional 7,728 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

FIBK traded down $0.03 during midday trading on Tuesday, reaching $30.50. 643,896 shares of the company's stock were exchanged, compared to its average volume of 708,899. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $3.20 billion, a PE ratio of 14.46 and a beta of 0.79. The business's 50-day moving average price is $28.35 and its 200 day moving average price is $29.05. 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 announced its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The business had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The business's revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. As a group, equities 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, May 22nd. Stockholders of record on Monday, May 12th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is presently 89.10%.

Insider Buying and Selling

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $18,176,204.16. This represents a 8.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 8.20% of the company's stock.

Analyst Upgrades and Downgrades

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