Wedge Capital Management L L P NC Decreases Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wedge Capital Management L L P NC lowered its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 5.2% during the second quarter, Holdings Channel.com reports. The fund owned 150,560 shares of the financial services provider’s stock after selling 8,241 shares during the quarter. Wedge Capital Management L L P NC’s holdings in First Interstate BancSystem were worth $5,738,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of First Interstate BancSystem by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 335,985 shares of the financial services provider’s stock valued at $13,665,000 after acquiring an additional 14,840 shares during the last quarter. Nisa Investment Advisors LLC acquired a new stake in First Interstate BancSystem during the 1st quarter worth $30,000. Fisher Asset Management LLC boosted its stake in First Interstate BancSystem by 50.0% during the 1st quarter. Fisher Asset Management LLC now owns 183,008 shares of the financial services provider’s stock worth $6,729,000 after purchasing an additional 61,008 shares during the last quarter. Leeward Investments LLC MA purchased a new stake in shares of First Interstate BancSystem during the first quarter worth $21,591,000. Finally, Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of First Interstate BancSystem in the first quarter valued at about $6,585,000. Hedge funds and other institutional investors own 84.37% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder James R. Scott, Jr. sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $42.03, for a total value of $105,075.00. Following the transaction, the insider now owns 100,436 shares of the company’s stock, valued at approximately $4,221,325.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 2,500 shares of First Interstate BancSystem stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $42.03, for a total transaction of $105,075.00. Following the completion of the sale, the insider now directly owns 100,436 shares in the company, valued at $4,221,325.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Russell A. Lee sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $40.36, for a total transaction of $56,504.00. Following the completion of the sale, the executive vice president now directly owns 7,271 shares in the company, valued at $293,457.56. The disclosure for this sale can be found here. Insiders sold a total of 12,400 shares of company stock valued at $508,114 over the last quarter. 6.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FIBK has been the subject of several research reports. TheStreet raised shares of First Interstate BancSystem from a “c” rating to a “b” rating in a research note on Monday, August 29th. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem has an average rating of “Moderate Buy” and an average target price of $44.00.

First Interstate BancSystem Stock Up 1.1 %

NASDAQ FIBK opened at $43.27 on Wednesday. The company has a quick ratio of 0.64, a current ratio of 0.65 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 52 week low of $32.40 and a 52 week high of $45.33. The business’s fifty day simple moving average is $40.31 and its 200-day simple moving average is $37.85. The firm has a market cap of $4.62 billion, a PE ratio of 23.77 and a beta of 0.95.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last issued its earnings results on Tuesday, July 26th. The financial services provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.16). First Interstate BancSystem had a return on equity of 8.43% and a net margin of 14.93%. The firm had revenue of $288.90 million for the quarter, compared to analysts’ expectations of $271.40 million. During the same period last year, the firm earned $0.69 earnings per share. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 3.05 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Tuesday, August 9th were given a $0.41 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.64 annualized dividend and a yield of 3.79%. First Interstate BancSystem’s payout ratio is 90.11%.

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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