Wedge Capital Management L L P NC Buys 10,094 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Wedge Capital Management L L P NC increased its holdings in First Interstate BancSystem by 13.3% in Q2, now owning about 0.08% of the company, valued at $2.47 million.
• Major shareholder Susan Scott Heyneman Trust sold 55,000 shares at $27.86 each, decreasing their ownership by 9.41% while other insiders have collectively sold over $3.6 million in shares recently.
• Analysts have varying opinions on First Interstate BancSystem, with three rating it as a "Buy" and one as a "Sell," while the stock currently has an average target price of $34.86.

Wedge Capital Management L L P NC grew its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 13.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 85,825 shares of the financial services provider's stock after acquiring an additional 10,094 shares during the period. Wedge Capital Management L L P NC owned about 0.08% of First Interstate BancSystem worth $2,473,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FIBK. Dimensional Fund Advisors LP lifted its position in First Interstate BancSystem by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,209,671 shares of the financial services provider's stock valued at $149,254,000 after acquiring an additional 163,930 shares in the last quarter. First Interstate Bank raised its position in First Interstate BancSystem by 14.1% during the 1st 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 in the last quarter. Wellington Management Group LLP boosted its position in shares of First Interstate BancSystem by 31.6% in the 1st quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider's stock worth $91,481,000 after purchasing an additional 767,432 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in First Interstate BancSystem by 36.4% during the first quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider's stock worth $49,655,000 after buying an additional 462,866 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of First Interstate BancSystem in the first quarter valued at approximately $32,796,000. Institutional investors own 88.71% of the company's stock.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the sale, the insider owned 529,256 shares in the company, valued at $14,745,072.16. This trade represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value 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 represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 121,818 shares of company stock worth $3,600,017. 8.20% of the stock is owned by corporate insiders.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK traded down $0.72 during trading hours on Monday, hitting $32.73. The stock had a trading volume of 549,540 shares, compared to its average volume of 913,619. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 14.74 and a beta of 0.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The stock's fifty day simple moving average is $31.00 and its 200 day simple moving average is $28.80.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued 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. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The company had revenue of $248.30 million during the quarter, compared to analyst estimates of $253.73 million. During the same quarter last year, the business posted $0.58 EPS. The company's revenue for the quarter was up 1.6% on a year-over-year basis. Sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.7%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem's payout ratio is presently 84.68%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FIBK. 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 research note on Tuesday, July 8th. DA Davidson raised their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a "buy" rating in a report on Friday, September 12th. Wall Street Zen cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price on the stock in a research report on Monday, June 23rd. Finally, Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $34.86.

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.