Principal Financial Group Inc. Has $16.33 Million Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Principal Financial Group Inc. lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) by 1.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 422,594 shares of the financial services provider’s stock after selling 4,329 shares during the period. Principal Financial Group Inc.’s holdings in First Interstate BancSystem were worth $16,333,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of First Interstate BancSystem by 2.3% during the third quarter. Vanguard Group Inc. now owns 8,723,142 shares of the financial services provider’s stock valued at $351,979,000 after buying an additional 192,944 shares during the last quarter. BlackRock Inc. raised its position in First Interstate BancSystem by 61.3% in the first quarter. BlackRock Inc. now owns 8,710,578 shares of the financial services provider’s stock worth $320,287,000 after purchasing an additional 3,311,462 shares in the last quarter. Macquarie Group Ltd. raised its position in First Interstate BancSystem by 2.1% in the second quarter. Macquarie Group Ltd. now owns 5,691,848 shares of the financial services provider’s stock worth $216,936,000 after purchasing an additional 118,736 shares in the last quarter. State Street Corp raised its position in First Interstate BancSystem by 152.8% in the first quarter. State Street Corp now owns 4,344,413 shares of the financial services provider’s stock worth $159,744,000 after purchasing an additional 2,626,221 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in First Interstate BancSystem by 160.8% during the first quarter. Wellington Management Group LLP now owns 2,707,881 shares of the financial services provider’s stock worth $99,569,000 after buying an additional 1,669,427 shares during the last quarter. Institutional investors and hedge funds own 77.78% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $24.04 on Wednesday. The firm’s 50 day simple moving average is $27.34 and its 200 day simple moving average is $34.85. First Interstate BancSystem, Inc. has a fifty-two week low of $21.03 and a fifty-two week high of $46.34. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 8.74 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.76 and a quick ratio of 0.75.

First Interstate BancSystem (NASDAQ:FIBK – Get Rating) last posted its earnings results on Thursday, April 27th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.28). First Interstate BancSystem had a net margin of 22.74% and a return on equity of 11.38%. During the same period last year, the firm earned $0.21 earnings per share. As a group, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.85 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 8th were given a dividend of $0.47 per share. The ex-dividend date was Friday, May 5th. This represents a $1.88 annualized dividend and a yield of 7.82%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 68.36%.

Insider Activity at First Interstate BancSystem

In related news, Director Julie A. Scott sold 288,000 shares of the stock in a transaction that occurred on Tuesday, February 28th. The stock was 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 $89,693,216.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Interstate BancSystem news, Director Julie A. Scott sold 288,000 shares of the firm’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $35.63, for a total transaction of $10,261,440.00. Following the transaction, the director now owns 2,517,351 shares in the company, valued at approximately $89,693,216.13. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Julie A. Scott sold 62,223 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $23.07, for a total value of $1,435,484.61. Following the transaction, the insider now owns 2,376,851 shares in the company, valued at approximately $54,833,952.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 481,000 shares of company stock valued at $14,734,022. Insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on FIBK shares. Janney Montgomery Scott cut shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating in a research note on Monday, January 30th. Keefe, Bruyette & Woods decreased their price target on shares of First Interstate BancSystem from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Piper Sandler decreased their price target on shares of First Interstate BancSystem from $45.00 to $35.00 in a research note on Monday, May 1st. StockNews.com initiated coverage on shares of First Interstate BancSystem in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Finally, Stephens raised shares of First Interstate BancSystem from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $44.00 to $43.00 in a report on Wednesday, February 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $36.40.

First Interstate BancSystem Company 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. The company was founded by Homer Scott Sr. in 1968 and is headquartered in Billings, MT.