Goldman Sachs Group Inc. cut its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 41.8% during the first quarter, Holdings Channel reports. The firm owned 28,347 shares of the financial services provider’s stock after selling 20,335 shares during the period. Goldman Sachs Group Inc.’s holdings in First Interstate BancSystem were worth $1,124,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of FIBK. Sei Investments Co. boosted its position in First Interstate BancSystem by 5.6% in the first quarter. Sei Investments Co. now owns 3,154 shares of the financial services provider’s stock worth $125,000 after buying an additional 168 shares during the period. Fifth Third Bancorp bought a new position in First Interstate BancSystem during the first quarter worth approximately $216,000. Stevens Capital Management LP bought a new position in First Interstate BancSystem during the first quarter worth approximately $218,000. Advisors Asset Management Inc. boosted its position in First Interstate BancSystem by 829.0% in the first quarter. Advisors Asset Management Inc. now owns 6,029 shares of the financial services provider’s stock worth $239,000 after buying an additional 5,380 shares during the period. Finally, Wrapmanager Inc. boosted its position in First Interstate BancSystem by 5.1% in the first quarter. Wrapmanager Inc. now owns 6,105 shares of the financial services provider’s stock worth $242,000 after buying an additional 297 shares during the period. 38.69% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem, Inc. (NASDAQ FIBK) traded down 0.84% on Friday, hitting $35.55. The stock had a trading volume of 70,550 shares. The company has a 50-day moving average price of $36.78 and a 200-day moving average price of $38.83. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 17.22 and a beta of 1.15. First Interstate BancSystem, Inc. has a 1-year low of $29.29 and a 1-year high of $45.35.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.03. The company had revenue of $116.50 million during the quarter, compared to the consensus estimate of $119.97 million. First Interstate BancSystem had a return on equity of 10.44% and a net margin of 22.60%. Equities analysts predict that First Interstate BancSystem, Inc. will post $2.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Wednesday, August 2nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, July 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.68%. First Interstate BancSystem’s payout ratio is 46.38%.

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A number of research firms have recently commented on FIBK. Zacks Investment Research cut shares of First Interstate BancSystem from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. BidaskClub downgraded First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Keefe, Bruyette & Woods set a $43.00 price objective on First Interstate BancSystem and gave the company a “hold” rating in a research note on Saturday, May 27th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $43.00 price objective (down previously from $44.00) on shares of First Interstate BancSystem in a research note on Thursday, June 1st. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $41.00 price objective on shares of First Interstate BancSystem in a research note on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $42.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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

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