State Street Corp Sells 189,256 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

State Street Corp decreased its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 4.6% in the third quarter, Holdings Channel.com reports. The firm owned 3,904,181 shares of the financial services provider’s stock after selling 189,256 shares during the quarter. State Street Corp’s holdings in First Interstate BancSystem were worth $119,780,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its stake in shares of First Interstate BancSystem by 97.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock worth $975,000 after acquiring an additional 15,649 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares during the period. Empower Advisory Group LLC increased its stake in shares of First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after purchasing an additional 21,191 shares in the last quarter. Versor Investments LP bought a new position in shares of First Interstate BancSystem during the third quarter valued at approximately $914,000. Finally, Systematic Financial Management LP bought a new stake in shares of First Interstate BancSystem in the 3rd quarter worth approximately $840,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FIBK shares. Wells Fargo & Company raised their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. Barclays upped their price target on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods raised their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their target price for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $35.17.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total transaction of $745,290.00. Following the completion of the sale, the insider now owns 613,019 shares of the company’s stock, valued at $20,720,042.20. The trade was a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the sale, the insider now directly owns 75,387 shares of the company’s stock, valued at $2,600,851.50. This represents a 7.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is owned by insiders.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $34.08 on Friday. The business has a 50-day simple moving average of $32.79 and a two-hundred day simple moving average of $30.27. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 14.95 and a beta of 0.84. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.52%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is currently 82.46%.

About First Interstate BancSystem

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.