First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) by 6.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,762 shares of the financial services provider’s stock after selling 5,550 shares during the quarter. Envestnet Asset Management Inc.’s holdings in First Interstate BancSystem were worth $3,420,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Dakota Wealth Management acquired a new position in First Interstate BancSystem in the 3rd quarter valued at approximately $1,815,000. Credit Suisse AG increased its stake in First Interstate BancSystem by 4.2% in the 3rd quarter. Credit Suisse AG now owns 134,998 shares of the financial services provider’s stock valued at $5,447,000 after buying an additional 5,498 shares during the period. Quadrant Capital Group LLC increased its stake in First Interstate BancSystem by 32.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock valued at $37,000 after buying an additional 226 shares during the period. ExodusPoint Capital Management LP acquired a new position in First Interstate BancSystem in the 3rd quarter valued at approximately $634,000. Finally, Hillsdale Investment Management Inc. acquired a new position in First Interstate BancSystem in the 3rd quarter valued at approximately $746,000. Institutional investors and hedge funds own 77.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered shares of First Interstate BancSystem from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $49.00 to $38.00 in a research note on Monday, January 30th. Wells Fargo & Company dropped their price target on shares of First Interstate BancSystem from $48.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, January 30th. Janney Montgomery Scott lowered shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating in a research note on Monday, January 30th. Finally, Stephens upgraded shares of First Interstate BancSystem from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $44.00 to $43.00 in a research note on Wednesday, February 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and a consensus target price of $43.80.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, Director James Brannen sold 9,300 shares of the stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $36.71, for a total value of $341,403.00. Following the completion of the sale, the director now directly owns 8,385 shares of the company’s stock, valued at approximately $307,813.35. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Julie A. Scott sold 288,000 shares of the firm’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $35.63, for a total transaction of $10,261,440.00. Following the completion of the transaction, the director now directly owns 2,517,351 shares of the company’s stock, valued at approximately $89,693,216.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Brannen sold 9,300 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $36.71, for a total transaction of $341,403.00. Following the transaction, the director now directly owns 8,385 shares of the company’s stock, valued at $307,813.35. The disclosure for this sale can be found here. Insiders sold a total of 299,800 shares of company stock valued at $10,706,468 in the last ninety days. Company insiders own 6.40% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $35.17 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.71 and a quick ratio of 0.71. First Interstate BancSystem, Inc. has a fifty-two week low of $32.40 and a fifty-two week high of $46.34. The firm has a fifty day moving average price of $37.23 and a two-hundred day moving average price of $40.27. The company has a market cap of $3.67 billion, a PE ratio of 19.01 and a beta of 0.86.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Tuesday, February 7th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend was Monday, February 6th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 101.62%.

First Interstate BancSystem Profile

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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. It also provides Internet, mobile, and other banking and financial services.