Wolverine Asset Management LLC Sells 4,648 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wolverine Asset Management LLC lessened its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 22.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,369 shares of the financial services provider’s stock after selling 4,648 shares during the period. Wolverine Asset Management LLC’s holdings in First Interstate BancSystem were worth $502,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. CWM LLC grew its stake in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares in the last quarter. Innealta Capital LLC purchased a new position in First Interstate BancSystem in the second quarter worth $106,000. nVerses Capital LLC increased its stake in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the last quarter. Telos Capital Management Inc. purchased a new stake in First Interstate BancSystem during the third quarter valued at about $201,000. Finally, Washington Trust Bank bought a new stake in First Interstate BancSystem during the second quarter worth about $204,000. Institutional investors own 88.71% of the company’s stock.

Insider Activity

In related news, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the transaction, the insider now directly owns 635,069 shares of the company’s stock, valued at $20,817,561.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $32.78, for a total value of $662,811.60. Following the sale, the insider now directly owns 635,069 shares of the company’s stock, valued at $20,817,561.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now directly owns 613,019 shares of the company’s stock, valued at $20,720,042.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,820 shares of company stock valued at $1,424,926. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FIBK. Keefe, Bruyette & Woods raised their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. Wells Fargo & Company cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. DA Davidson lifted their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Stephens restated an “overweight” rating and set a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $32.50.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $33.51 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3.50 billion, a P/E ratio of 14.70 and a beta of 0.81. First Interstate BancSystem, Inc. has a 1-year low of $24.16 and a 1-year high of $34.53. The firm has a 50-day moving average of $30.87 and a 200-day moving average of $29.19.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the previous year, the firm posted $0.70 earnings per share. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.61%. First Interstate BancSystem’s dividend payout ratio is 82.46%.

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.