Vanguard Group Inc. Cuts Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Vanguard Group Inc. reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,647,302 shares of the financial services provider's stock after selling 55,637 shares during the period. Vanguard Group Inc. owned about 8.24% of First Interstate BancSystem worth $215,664,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. increased its stake in First Interstate BancSystem by 61.3% in the 1st quarter. BlackRock Inc. now owns 8,710,578 shares of the financial services provider's stock worth $320,287,000 after purchasing an additional 3,311,462 shares during the period. FMR LLC increased its stake in shares of First Interstate BancSystem by 0.4% during the third quarter. FMR LLC now owns 6,451,758 shares of the financial services provider's stock valued at $160,907,000 after buying an additional 28,343 shares during the period. Macquarie Group Ltd. increased its stake in shares of First Interstate BancSystem by 2.1% during the second quarter. Macquarie Group Ltd. now owns 5,691,848 shares of the financial services provider's stock valued at $216,936,000 after buying an additional 118,736 shares during the period. State Street Corp increased its stake in shares of First Interstate BancSystem by 152.8% during the first quarter. State Street Corp now owns 4,344,413 shares of the financial services provider's stock valued at $159,744,000 after buying an additional 2,626,221 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of First Interstate BancSystem by 58.2% during the first quarter. JPMorgan Chase & Co. now owns 3,097,124 shares of the financial services provider's stock valued at $92,480,000 after buying an additional 1,138,955 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kristina Robbins sold 2,710 shares of the company's stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total transaction of $69,999.30. Following the transaction, the executive vice president now directly owns 9,047 shares of the company's stock, valued at $233,684.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Lorrie F. Asker sold 1,921 shares of the company's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the transaction, the insider now directly owns 6,909 shares of the company's stock, valued at $179,979.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kristina Robbins sold 2,710 shares of the company's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the transaction, the executive vice president now directly owns 9,047 shares in the company, valued at $233,684.01. The disclosure for this sale can be found here. Insiders have sold a total of 7,531 shares of company stock valued at $197,645 over the last ninety days. 6.80% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Stock Down 1.5 %

First Interstate BancSystem stock traded down $0.42 during mid-day trading on Friday, hitting $27.21. The company had a trading volume of 925,023 shares, compared to its average volume of 1,058,567. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. The stock's 50 day moving average price is $26.66 and its two-hundred day moving average price is $26.56. First Interstate BancSystem, Inc. has a 12 month low of $20.81 and a 12 month high of $32.54. The company has a market capitalization of $2.83 billion, a PE ratio of 10.97 and a beta of 0.86.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.47% and a net margin of 18.04%. The business had revenue of $252.30 million for the quarter, compared to the consensus estimate of $254.50 million. As a group, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 19th. Stockholders of record on Friday, February 9th were issued a dividend of $0.47 per share. This is an increase from First Interstate BancSystem's previous quarterly dividend of $0.20. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.91%. The ex-dividend date was Thursday, February 8th. First Interstate BancSystem's dividend payout ratio is presently 75.81%.

Wall Street Analyst Weigh In

FIBK has been the topic of several research analyst reports. Barclays initiated coverage on First Interstate BancSystem in a research note on Friday, March 8th. They set an "equal weight" rating and a $28.00 target price on the stock. TheStreet cut First Interstate BancSystem from a "b-" rating to a "c+" rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $30.00.

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.