Comerica Bank Trims Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Comerica Bank lessened its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,142 shares of the financial services provider’s stock after selling 713 shares during the period. Comerica Bank’s holdings in First Interstate BancSystem were worth $1,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. CWM LLC raised its stake in shares of First Interstate BancSystem by 48.0% during the 2nd quarter. CWM LLC now owns 944 shares of the financial services provider’s stock valued at $36,000 after buying an additional 306 shares during the last quarter. PNC Financial Services Group Inc. raised its position in First Interstate BancSystem by 263.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 1,508 shares in the last quarter. Captrust Financial Advisors raised its position in First Interstate BancSystem by 489.2% during the first quarter. Captrust Financial Advisors now owns 2,881 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 2,392 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of First Interstate BancSystem during the 2nd quarter valued at approximately $188,000. Finally, Xponance Inc. purchased a new position in shares of First Interstate BancSystem during the 3rd quarter valued at approximately $207,000. Hedge funds and other institutional investors own 77.78% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Piper Sandler lifted their price objective on shares of First Interstate BancSystem to $54.00 in a report on Friday, September 30th. Wells Fargo & Company lifted their price target on First Interstate BancSystem from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, October 6th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, October 26th. Finally, Stephens lifted their price target on shares of First Interstate BancSystem from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Monday, October 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.40.

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $37.91 on Friday. First Interstate BancSystem, Inc. has a 12 month low of $32.40 and a 12 month high of $46.34. The stock has a 50 day moving average of $40.41 and a two-hundred day moving average of $41.02. 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 firm has a market cap of $3.96 billion, a P/E ratio of 20.38 and a beta of 0.91.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.92 by $0.09. First Interstate BancSystem had a return on equity of 9.58% and a net margin of 16.71%. The firm had revenue of $291.80 million during the quarter, compared to analysts’ expectations of $299.74 million. During the same period in the previous year, the business earned $0.86 earnings per share. The firm’s revenue for the quarter was up 75.2% on a year-over-year basis. On average, analysts expect that First Interstate BancSystem, Inc. will post 3.11 earnings per share for the current fiscal year.

First Interstate BancSystem Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Tuesday, November 8th were issued a $0.47 dividend. This is an increase from First Interstate BancSystem’s previous quarterly dividend of $0.41. The ex-dividend date was Monday, November 7th. This represents a $1.88 dividend on an annualized basis and a yield of 4.96%. First Interstate BancSystem’s dividend payout ratio is presently 101.08%.

Insider Buying and Selling at First Interstate BancSystem

In other news, Director Jonathan R. Scott sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $44.16, for a total value of $1,324,800.00. Following the completion of the sale, the director now directly owns 963,853 shares in the company, valued at $42,563,748.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder James R. Scott, Jr. sold 3,852 shares of the firm’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $46.26, for a total transaction of $178,193.52. Following the completion of the sale, the insider now directly owns 81,454 shares in the company, valued at $3,768,062.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan R. Scott sold 30,000 shares of the firm’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 of the company’s stock, valued at $42,563,748.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,982 shares of company stock worth $2,405,719. Insiders own 6.40% of the company’s stock.

First Interstate BancSystem Company Profile

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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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