Wolverine Asset Management LLC Takes Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Key Points

• Wolverine Asset Management LLC recently acquired 20,789 shares of First Interstate BancSystem, valued at approximately $596,000, as reported in its Form 13F filing.
• First Interstate BancSystem reported an EPS of $0.69 for the last quarter, surpassing estimates, while revenue was $248.30 million, slightly below expectations of $253.73 million.
• The company announced a quarterly dividend of $0.47 per share, representing a 6.4% dividend yield, with the ex-dividend date set for August 11th.

Wolverine Asset Management LLC acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,789 shares of the financial services provider's stock, valued at approximately $596,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its stake in shares of First Interstate BancSystem by 0.7% in the first quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock worth $2,007,000 after purchasing an additional 455 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in First Interstate BancSystem by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,114,913 shares of the financial services provider's stock valued at $31,942,000 after buying an additional 8,131 shares during the last quarter. US Bancorp DE grew its holdings in shares of First Interstate BancSystem by 75.8% during the 1st quarter. US Bancorp DE now owns 12,159 shares of the financial services provider's stock worth $348,000 after purchasing an additional 5,244 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Interstate BancSystem by 9.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,414 shares of the financial services provider's stock valued at $929,000 after purchasing an additional 2,707 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of First Interstate BancSystem in the first quarter valued at approximately $2,352,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. 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. Wall Street Zen downgraded First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, Wells Fargo & Company boosted 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. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $35.43.

Insider Buying and Selling

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 stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the sale, the insider directly owned 529,256 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Stock Up 0.1%

Shares of NASDAQ:FIBK traded up $0.02 during trading on Thursday, hitting $30.61. 501,257 shares of the company were exchanged, compared to its average volume of 831,020. The firm's 50 day moving average price is $29.13 and its 200-day moving average price is $28.79. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The stock has a market capitalization of $3.21 billion, a P/E ratio of 13.79 and a beta of 0.83.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly 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 business had revenue of $248.30 million during the quarter, compared to the consensus estimate of $253.73 million. During the same quarter last year, the firm posted $0.58 EPS. The business's revenue was up 1.6% compared to the same quarter last year. On average, research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Monday, August 11th. First Interstate BancSystem's dividend payout ratio (DPR) 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.