Empower Advisory Group LLC Sells 438,526 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Empower Advisory Group LLC cut its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 94.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,161 shares of the financial services provider’s stock after selling 438,526 shares during the quarter. Empower Advisory Group LLC’s holdings in First Interstate BancSystem were worth $914,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Rhumbline Advisers increased its holdings in shares of First Interstate BancSystem by 1.4% during the fourth quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock worth $4,220,000 after purchasing an additional 1,785 shares during the period. Jennison Associates LLC increased its holdings in shares of First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock worth $50,020,000 after purchasing an additional 654,688 shares during the period. KBC Group NV increased its holdings in shares of First Interstate BancSystem by 34.1% during the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,022 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in shares of First Interstate BancSystem by 38.8% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 14,065 shares of the financial services provider’s stock worth $457,000 after purchasing an additional 3,929 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of First Interstate BancSystem by 37,734.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after purchasing an additional 141,128 shares during the period. 88.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. DA Davidson reissued a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Wells Fargo & Company lifted their price objective on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. Barclays lifted their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Finally, UBS Group assumed coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and an average target price of $36.14.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $32.75 on Wednesday. The firm’s fifty day moving average price is $32.61 and its two-hundred day moving average price is $31.69. The stock has a market cap of $3.42 billion, a PE ratio of 14.95 and a beta of 0.85. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Monday, February 10th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.74%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 85.84%.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the transaction, the director now owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The disclosure for this sale can be found here. 6.90% of the stock is owned by company 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.