Bank of New York Mellon Corp Sells 13,837 Shares of First Interstate BancSystem, Inc. $FIBK

Bank of New York Mellon Corp cut its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 768,679 shares of the financial services provider’s stock after selling 13,837 shares during the quarter. Bank of New York Mellon Corp’s holdings in First Interstate BancSystem were worth $22,153,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Jennison Associates LLC boosted its position in shares of First Interstate BancSystem by 2.6% during the 2nd quarter. Jennison Associates LLC now owns 1,555,385 shares of the financial services provider’s stock worth $44,826,000 after purchasing an additional 39,412 shares in the last quarter. Peregrine Capital Management LLC grew its stake in First Interstate BancSystem by 4.4% in the second quarter. Peregrine Capital Management LLC now owns 194,378 shares of the financial services provider’s stock valued at $5,602,000 after acquiring an additional 8,115 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of First Interstate BancSystem by 246.3% during the second quarter. Nisa Investment Advisors LLC now owns 9,153 shares of the financial services provider’s stock valued at $264,000 after acquiring an additional 6,510 shares in the last quarter. Leeward Investments LLC MA raised its position in shares of First Interstate BancSystem by 13.5% during the second quarter. Leeward Investments LLC MA now owns 666,886 shares of the financial services provider’s stock worth $19,220,000 after purchasing an additional 79,274 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of First Interstate BancSystem by 13.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 71,154 shares of the financial services provider’s stock worth $2,051,000 after purchasing an additional 8,243 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Performance

FIBK stock opened at $31.33 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The firm has a market cap of $3.29 billion, a PE ratio of 13.22 and a beta of 0.83. The business has a 50 day moving average of $31.95 and a 200-day moving average of $30.03. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. First Interstate BancSystem had a return on equity of 7.30% and a net margin of 16.04%.The business had revenue of $204.70 million for the quarter, compared to analysts’ expectations of $254.71 million. During the same quarter in the previous year, the firm earned $0.54 earnings per share. As a group, sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, November 10th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, November 10th. This represents a $1.88 annualized dividend and a yield of 6.0%. First Interstate BancSystem’s dividend payout ratio is presently 79.32%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,800 shares of First Interstate BancSystem stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $31.27, for a total value of $150,096.00. Following the sale, the insider owned 941,024 shares of the company’s stock, valued at approximately $29,425,820.48. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $30.99, for a total transaction of $309,900.00. Following the transaction, the insider directly owned 234,460 shares of the company’s stock, valued at $7,265,915.40. This represents a 4.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 51,800 shares of company stock valued at $1,641,583 in the last 90 days. 8.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Barclays upped their price objective on shares of First Interstate BancSystem from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday. DA Davidson upped their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Wells Fargo & Company raised their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. UBS Group boosted their price objective on First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.57.

First Interstate BancSystem Company 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.