Wolverine Asset Management LLC Purchases New Stake 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 Form 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 large investors have also recently bought and sold shares of the company. Deutsche Bank AG boosted its stake in shares of First Interstate BancSystem by 0.7% in the 1st quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider's stock valued at $2,007,000 after purchasing an additional 455 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 purchasing an additional 8,131 shares in the last quarter. US Bancorp DE boosted its stake in shares of First Interstate BancSystem by 75.8% in the 1st quarter. US Bancorp DE now owns 12,159 shares of the financial services provider's stock valued at $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 1st quarter valued at approximately $2,352,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FIBK. Barclays upgraded shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Wells Fargo & Company lifted their target price on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday. Finally, Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target for the company in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Trading Down 1.4%

First Interstate BancSystem stock traded down $0.42 during mid-day trading on Friday, hitting $30.20. 215,196 shares of the stock were exchanged, compared to its average volume of 827,846. 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 12 month low of $22.95 and a 12 month high of $36.77. The firm's fifty day simple moving average is $29.20 and its two-hundred day simple moving average is $28.77. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 13.61 and a beta of 0.83.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.12. The firm had revenue of $248.30 million during the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The company's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 EPS. Analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Monday, August 11th will be paid a $0.47 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.88 annualized dividend and a dividend yield of 6.2%. First Interstate BancSystem's payout ratio is currently 84.68%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem 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. The trade was a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.20% of the stock is owned by corporate insiders.

First Interstate BancSystem 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.