First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 1.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 422,400 shares of the financial services provider’s stock after selling 6,057 shares during the quarter. Principal Financial Group Inc.’s holdings in First Interstate BancSystem were worth $16,098,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its holdings in shares of First Interstate BancSystem by 3,738.9% during the first quarter. Quadrant Capital Group LLC now owns 691 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Nisa Investment Advisors LLC acquired a new stake in First Interstate BancSystem in the first quarter worth about $30,000. CWM LLC lifted its holdings in First Interstate BancSystem by 48.0% in the second quarter. CWM LLC now owns 944 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 306 shares during the period. PNC Financial Services Group Inc. lifted its holdings in First Interstate BancSystem by 263.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 1,508 shares during the period. Finally, Signaturefd LLC lifted its holdings in First Interstate BancSystem by 1,085.9% in the first quarter. Signaturefd LLC now owns 2,099 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 1,922 shares during the period. Institutional investors and hedge funds own 84.37% of the company’s stock.

Wall Street Analysts Forecast Growth

FIBK has been the subject of several research analyst reports. TheStreet raised shares of First Interstate BancSystem from a “c” rating to a “b” rating in a report on Monday, August 29th. Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, October 6th. Piper Sandler upped their price objective on shares of First Interstate BancSystem to $54.00 in a report on Friday, September 30th. Stephens boosted their price target on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Monday, October 31st. Finally, StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, October 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.40.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 30,000 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $44.16, for a total transaction of $1,324,800.00. Following the sale, the director now owns 963,853 shares in the company, valued at approximately $42,563,748.48. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, major shareholder James R. Scott, Jr. sold 10,130 shares of the company’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $45.00, for a total value of $455,850.00. Following the transaction, the insider now owns 90,306 shares in the company, valued at approximately $4,063,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan R. Scott sold 30,000 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $44.16, for a total value of $1,324,800.00. Following the completion of the transaction, the director now owns 963,853 shares in the company, valued at approximately $42,563,748.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,482 shares of company stock worth $2,302,094. Company insiders own 6.40% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $43.98 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $43.18 and its two-hundred day moving average price is $40.08. First Interstate BancSystem, Inc. has a 52 week low of $32.40 and a 52 week high of $46.34. The stock has a market cap of $4.59 billion, a PE ratio of 23.65 and a beta of 0.91.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last issued its quarterly earnings results on Wednesday, October 26th. The financial services provider reported $0.80 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.12). First Interstate BancSystem had a return on equity of 9.58% and a net margin of 16.71%. The business had revenue of $291.80 million during the quarter, compared to the consensus estimate of $299.74 million. During the same quarter last year, the firm posted $0.86 earnings per share. First Interstate BancSystem’s revenue was up 75.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 3.11 EPS for the current fiscal year.

First Interstate BancSystem Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Tuesday, November 8th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend was Monday, November 7th. This is an increase from First Interstate BancSystem’s previous quarterly dividend of $0.41. First Interstate BancSystem’s payout ratio is presently 101.08%.

First Interstate BancSystem Profile

(Get Rating)

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.

Read More

Want to see what other hedge funds are holding FIBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating).

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

Receive News & Ratings for First Interstate BancSystem Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate BancSystem and related companies with MarketBeat.com's FREE daily email newsletter.