SteelPeak Wealth LLC Grows Position in First Interstate BancSystem, Inc. $FIBK

SteelPeak Wealth LLC grew its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 17.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,480 shares of the financial services provider’s stock after purchasing an additional 1,253 shares during the quarter. SteelPeak Wealth LLC’s holdings in First Interstate BancSystem were worth $244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in First Interstate BancSystem in the first quarter worth $32,796,000. Wellington Management Group LLP raised its position in shares of First Interstate BancSystem by 31.6% in the 1st quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider’s stock worth $91,481,000 after purchasing an additional 767,432 shares during the last quarter. First Interstate Bank increased its holdings in First Interstate BancSystem by 14.1% in the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider’s stock worth $144,778,000 after buying an additional 624,268 shares in the last quarter. MetLife Investment Management LLC increased its holdings in First Interstate BancSystem by 1,010.4% in the 1st quarter. MetLife Investment Management LLC now owns 529,823 shares of the financial services provider’s stock worth $15,179,000 after buying an additional 482,108 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in First Interstate BancSystem by 36.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider’s stock worth $49,655,000 after buying an additional 462,866 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $31.35 on Friday. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 14.12 and a beta of 0.79. The stock has a fifty day simple moving average of $31.57 and a two-hundred day simple moving average of $29.11. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. The business had revenue of $248.30 million during the quarter, compared to analysts’ expectations of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 EPS. On average, analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem’s dividend payout ratio is 84.68%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FIBK shares. Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Wednesday. Keefe, Bruyette & Woods raised First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price objective on the stock in a research report on Monday, June 23rd. Barclays boosted their price target on First Interstate BancSystem from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Finally, Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Monday, August 11th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target of $35.43.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $31.59, for a total value of $315,900.00. Following the completion of the sale, the insider directly owned 244,460 shares in the company, valued at approximately $7,722,491.40. This trade represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jonathan R. Scott sold 5,600 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $32.01, for a total value of $179,256.00. Following the completion of the sale, the insider owned 953,509 shares of the company’s stock, valued at approximately $30,521,823.09. This trade represents a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 151,818 shares of company stock worth $4,556,975 in the last three months. 8.20% of the stock is owned by insiders.

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.