First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 112.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,829 shares of the financial services provider’s stock after acquiring an additional 12,600 shares during the period. Arizona State Retirement System’s holdings in First Interstate BancSystem were worth $876,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cullen Capital Management LLC acquired a new stake in shares of First Interstate BancSystem during the 1st quarter valued at approximately $1,289,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of First Interstate BancSystem during the 1st quarter valued at approximately $2,413,000. Cannon Global Investment Management LLC acquired a new stake in shares of First Interstate BancSystem during the 1st quarter valued at approximately $2,276,000. Granite Investment Partners LLC increased its stake in shares of First Interstate BancSystem by 4.5% during the 1st quarter. Granite Investment Partners LLC now owns 109,604 shares of the financial services provider’s stock worth $4,030,000 after purchasing an additional 4,706 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan purchased a new position in shares of First Interstate BancSystem during the 1st quarter worth approximately $434,000. 69.42% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 1.4 %

FIBK stock opened at $40.19 on Wednesday. The stock has a market capitalization of $4.40 billion, a P/E ratio of 22.08 and a beta of 0.96. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.70 and a current ratio of 0.71. First Interstate BancSystem, Inc. has a one year low of $32.40 and a one year high of $45.91. The company has a 50 day moving average price of $38.19 and a two-hundred day moving average price of $37.38.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last released its earnings results on Tuesday, July 26th. The financial services provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.16). The firm had revenue of $288.90 million during the quarter, compared to analysts’ expectations of $271.40 million. First Interstate BancSystem had a return on equity of 9.11% and a net margin of 14.78%. During the same period in the previous year, the firm posted $0.69 earnings per share. As a group, sell-side analysts expect that First Interstate BancSystem, Inc. will post 3.05 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Tuesday, August 9th will be paid a dividend of $0.41 per share. The ex-dividend date is Monday, August 8th. This represents a $1.64 annualized dividend and a dividend yield of 4.08%. First Interstate BancSystem’s dividend payout ratio is presently 90.11%.

Wall Street Analyst Weigh In

FIBK has been the subject of a number of recent research reports. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday, July 28th. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Monday, May 2nd. TheStreet cut shares of First Interstate BancSystem from a “b” rating to a “c” rating in a research note on Tuesday, May 31st. Finally, Janney Montgomery Scott raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Tuesday, May 3rd. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.00.

Insider Activity

In other news, insider Philip G. Gaglia sold 1,199 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $34.89, for a total transaction of $41,833.11. Following the completion of the sale, the insider now directly owns 1,687 shares of the company’s stock, valued at approximately $58,859.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jonathan R. Scott sold 5,000 shares of the business’s stock in a transaction on Monday, June 13th. The shares were sold at an average price of $36.03, for a total transaction of $180,150.00. Following the completion of the sale, the director now directly owns 11,001 shares of the company’s stock, valued at approximately $396,366.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Philip G. Gaglia sold 1,199 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $34.89, for a total transaction of $41,833.11. Following the sale, the insider now directly owns 1,687 shares of the company’s stock, valued at $58,859.43. The disclosure for this sale can be found here. Corporate insiders own 6.40% of the company’s stock.

About First Interstate BancSystem

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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.

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

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