First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 27.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 300,782 shares of the financial services provider’s stock after selling 114,006 shares during the period. Russell Investments Group Ltd. owned approximately 0.48% of First Interstate BancSystem worth $11,057,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new stake in First Interstate BancSystem in the fourth quarter valued at approximately $280,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of First Interstate BancSystem in the 4th quarter valued at $8,399,000. D.A. Davidson & CO. lifted its stake in First Interstate BancSystem by 2.1% during the 4th quarter. D.A. Davidson & CO. now owns 27,539 shares of the financial services provider’s stock worth $1,120,000 after acquiring an additional 559 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in First Interstate BancSystem by 0.8% during the 4th quarter. Fisher Asset Management LLC now owns 122,000 shares of the financial services provider’s stock valued at $4,962,000 after acquiring an additional 1,000 shares during the period. Finally, Aptus Capital Advisors LLC grew its position in First Interstate BancSystem by 23.5% in the 4th quarter. Aptus Capital Advisors LLC now owns 22,500 shares of the financial services provider’s stock valued at $915,000 after acquiring an additional 4,284 shares in the last quarter. 69.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FIBK shares. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Monday, May 2nd. Janney Montgomery Scott raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Tuesday, May 3rd. TheStreet lowered First Interstate BancSystem from a “b” rating to a “c” rating in a report on Tuesday, May 31st. Finally, StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of “Moderate Buy” and an average price target of $44.00.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $40.57 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $38.40 and a 200-day simple moving average of $37.36. The stock has a market cap of $4.44 billion, a P/E ratio of 22.29 and a beta of 0.96. First Interstate BancSystem, Inc. has a 12-month low of $32.40 and a 12-month high of $45.91.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.16). First Interstate BancSystem had a net margin of 14.78% and a return on equity of 9.11%. The business had revenue of $288.90 million during the quarter, compared to analyst estimates of $271.40 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. Equities analysts expect that First Interstate BancSystem, Inc. will post 3.05 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Shareholders of record on Tuesday, August 9th will be issued a dividend of $0.41 per share. The ex-dividend date is Monday, August 8th. This represents a $1.64 dividend on an annualized basis and a yield of 4.04%. First Interstate BancSystem’s payout ratio is currently 90.11%.

Insider Transactions at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,000 shares of First Interstate BancSystem stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $40.71, for a total transaction of $40,710.00. Following the sale, the director now directly owns 21,130 shares in the company, valued at approximately $860,202.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director John M. Heyneman, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $40.71, for a total transaction of $40,710.00. Following the transaction, the director now owns 21,130 shares in the company, valued at approximately $860,202.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Philip G. Gaglia sold 1,199 shares of First Interstate BancSystem stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $34.89, for a total value of $41,833.11. Following the transaction, the insider now directly owns 1,687 shares in the company, valued at approximately $58,859.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,599 shares of company stock worth $319,197. 6.40% of the stock is currently owned by insiders.

First Interstate BancSystem Profile

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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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Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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