Villere ST Denis J & Co. LLC Boosts Stock Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• Villere ST Denis J & Co. LLC increased its stake in First Interstate BancSystem by 4.9% during the 2nd quarter, owning 556,628 shares worth $16.04 million.
• Major shareholder Susan Scott Heyneman Trust sold 55,000 shares for approximately $1.53 million, reducing their ownership by 9.41%.
• First Interstate BancSystem announced a quarterly dividend of $0.47, yielding 6.2%, with a payout ratio currently at 84.68%.

Villere ST Denis J & Co. LLC grew its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 556,628 shares of the financial services provider's stock after acquiring an additional 25,799 shares during the period. Villere ST Denis J & Co. LLC owned 0.53% of First Interstate BancSystem worth $16,042,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Quarry LP lifted its position in shares of First Interstate BancSystem by 63.8% during the first quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock worth $33,000 after acquiring an additional 450 shares in the last quarter. Deutsche Bank AG lifted its position in shares of First Interstate BancSystem by 0.7% during the first quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock worth $2,007,000 after acquiring an additional 455 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of First Interstate BancSystem by 186.5% during the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock worth $29,000 after acquiring an additional 647 shares in the last quarter. Evergreen Capital Management LLC lifted its position in shares of First Interstate BancSystem by 4.0% during the first quarter. Evergreen Capital Management LLC now owns 25,571 shares of the financial services provider's stock worth $733,000 after acquiring an additional 991 shares in the last quarter. Finally, JNBA Financial Advisors purchased a new stake in shares of First Interstate BancSystem during the first quarter worth $29,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the transaction, the insider owned 529,256 shares of the company's stock, valued at $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jonathan R. Scott sold 13,715 shares of the firm's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $32.09, for a total value of $440,114.35. Following the transaction, the insider directly owned 959,109 shares in the company, valued at $30,777,807.81. This trade represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 151,818 shares of company stock valued at $4,556,975 over the last 90 days. 8.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Wells Fargo & Company increased their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an "underweight" rating in a research report on Monday, September 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of First Interstate BancSystem in a research report on Wednesday. Barclays increased their price objective on First Interstate BancSystem from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, DA Davidson increased their price objective on First Interstate BancSystem from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $35.43.

First Interstate BancSystem Stock Down 3.2%

FIBK opened at $30.36 on Friday. The stock has a market cap of $3.18 billion, a PE ratio of 13.68 and a beta of 0.79. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $36.77. The business's fifty day simple moving average is $31.61 and its 200 day simple moving average is $29.12.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 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 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 was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 earnings per share. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem's dividend 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.

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