Jupiter Topco LLC Acquires Shares of 37,395 First Interstate BancSystem, Inc. $FIBK

Jupiter Topco LLC bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 37,395 shares of the financial services provider’s stock, valued at approximately $1,442,000.

Several other institutional investors have also recently made changes to their positions in the company. Hsbc Holdings PLC purchased a new position in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $1,707,000. Canada Pension Plan Investment Board purchased a new stake in First Interstate BancSystem in the second quarter worth $563,000. Legal & General Group Plc purchased a new stake in First Interstate BancSystem in the second quarter worth $7,746,000. The Manufacturers Life Insurance Company bought a new position in First Interstate BancSystem in the second quarter worth $1,776,000. Finally, Cullen Capital Management LLC bought a new position in First Interstate BancSystem in the second quarter worth $701,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Up 1.0%

NASDAQ FIBK opened at $37.85 on Friday. First Interstate BancSystem, Inc. has a 12 month low of $29.10 and a 12 month high of $40.60. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The stock’s fifty day moving average price is $38.24 and its 200-day moving average price is $36.15. The stock has a market cap of $3.61 billion, a P/E ratio of 11.65 and a beta of 0.75.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. First Interstate BancSystem’s payout ratio is presently 57.85%.

Analysts Set New Price Targets

A number of analysts have recently commented on FIBK shares. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. 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. DA Davidson reissued a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research note on Monday, July 27th. Finally, Wells Fargo & Company restated an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $36.83.

Insiders Place Their Bets

In other news, major shareholder Jonathan Scott sold 4,500 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares of the company’s stock, valued at $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. 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.