200,880 Shares in First Interstate BancSystem, Inc. $FIBK Purchased by Legal & General Group Plc

Legal & General Group Plc purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, HoldingsChannel.com reports. The firm purchased 200,880 shares of the financial services provider’s stock, valued at approximately $7,746,000.

Several other large investors have also recently bought and sold shares of FIBK. BlackRock Inc. acquired a new stake in First Interstate BancSystem during the second quarter worth approximately $529,533,000. Capital International Investors acquired a new position in shares of First Interstate BancSystem in the fourth quarter valued at approximately $92,504,000. State Street Corp grew its position in shares of First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after purchasing an additional 1,254,321 shares during the last quarter. Vanguard Group Inc. grew its position in shares of First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after purchasing an additional 1,214,454 shares during the last quarter. Finally, North Reef Capital Management LP increased its stake in shares of First Interstate BancSystem by 132.4% during the fourth quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock worth $68,335,000 after purchasing an additional 1,124,999 shares during the period. 88.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. Wells Fargo & Company reiterated an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. DA Davidson reiterated a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of “Reduce” and an average target price of $36.83.

First Interstate BancSystem Stock Down 1.4%

NASDAQ FIBK opened at $36.31 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 1-year low of $29.10 and a 1-year high of $40.60. The company has a 50 day moving average of $38.29 and a 200-day moving average of $36.14. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 11.17 and a beta of 0.75.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.69 earnings per share. On average, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is presently 57.85%.

Insiders Place Their Bets

In related news, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares of the company’s stock, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 32,392 shares of company stock valued at $1,161,552. Corporate insiders own 8.00% of the company’s stock.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.