Comerica Bank lessened its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,855 shares of the financial services provider’s stock after selling 708 shares during the period. Comerica Bank’s holdings in First Interstate BancSystem were worth $1,749,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Legacy Wealth Asset Management LLC increased its position in shares of First Interstate BancSystem by 2.4% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 12,046 shares of the financial services provider’s stock valued at $459,000 after acquiring an additional 280 shares during the period. CWM LLC increased its position in shares of First Interstate BancSystem by 48.0% in the 2nd quarter. CWM LLC now owns 944 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 306 shares during the period. Advisor Group Holdings Inc. increased its position in shares of First Interstate BancSystem by 5.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider’s stock valued at $288,000 after acquiring an additional 422 shares during the period. Quadrant Capital Group LLC increased its position in shares of First Interstate BancSystem by 3,738.9% in the 1st quarter. Quadrant Capital Group LLC now owns 691 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Finally, UMB Bank N A MO increased its position in shares of First Interstate BancSystem by 567.4% in the 1st quarter. UMB Bank N A MO now owns 941 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 800 shares during the period. Hedge funds and other institutional investors own 84.37% of the company’s stock.
Wall Street Analyst Weigh In
FIBK has been the topic of several research reports. Stephens upped their target price on First Interstate BancSystem from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Monday. TheStreet raised First Interstate BancSystem from a “c” rating to a “b” rating in a research report on Monday, August 29th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, October 26th. Piper Sandler increased their price target on First Interstate BancSystem to $54.00 in a research report on Friday, September 30th. Finally, Wells Fargo & Company increased their price target on First Interstate BancSystem from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, October 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.40.
Insider Activity
In other news, major shareholder James R. Scott, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $46.00, for a total transaction of $230,000.00. Following the sale, the insider now directly owns 85,306 shares in the company, valued at approximately $3,924,076. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder James R. Scott, Jr. sold 10,130 shares of the firm’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $45.00, for a total value of $455,850.00. Following the transaction, the insider now directly owns 90,306 shares of the company’s stock, valued at approximately $4,063,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder James R. Scott, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $46.00, for a total transaction of $230,000.00. Following the completion of the transaction, the insider now directly owns 85,306 shares in the company, valued at $3,924,076. The disclosure for this sale can be found here. Insiders have sold 26,130 shares of company stock worth $1,137,460 in the last ninety days. Company insiders own 6.40% of the company’s stock.
First Interstate BancSystem Price Performance
NASDAQ:FIBK opened at $45.61 on Tuesday. First Interstate BancSystem, Inc. has a 52 week low of $32.40 and a 52 week high of $46.08. The company has a quick ratio of 0.64, a current ratio of 0.65 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $4.87 billion, a PE ratio of 24.52 and a beta of 0.88. The stock’s 50-day moving average price is $41.63 and its 200-day moving average price is $38.91.
First Interstate BancSystem (NASDAQ:FIBK – Get Rating) last posted its earnings results on Wednesday, October 26th. The financial services provider reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.12). First Interstate BancSystem had a net margin of 14.93% and a return on equity of 9.67%. The business had revenue of $291.80 million for the quarter, compared to analyst estimates of $299.74 million. During the same quarter last year, the business earned $0.86 earnings per share. First Interstate BancSystem’s revenue was up 75.2% on a year-over-year basis. As a group, equities analysts expect that First Interstate BancSystem, Inc. will post 3.11 EPS for the current fiscal year.
First Interstate BancSystem Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 18th. Stockholders of record on Tuesday, November 8th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, November 7th. This is a boost from First Interstate BancSystem’s previous quarterly dividend of $0.41. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.12%. First Interstate BancSystem’s dividend payout ratio (DPR) is 88.17%.
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.
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