Stockman Wealth Management Inc. lowered its position in First Interstate Bancsystem Inc (NASDAQ:FIBK) by 11.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,876 shares of the financial services provider’s stock after selling 1,586 shares during the quarter. Stockman Wealth Management Inc.’s holdings in First Interstate Bancsystem were worth $513,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of FIBK. Quantamental Technologies LLC acquired a new stake in shares of First Interstate Bancsystem in the 4th quarter valued at about $26,000. Captrust Financial Advisors raised its stake in shares of First Interstate Bancsystem by 122.3% in the 4th quarter. Captrust Financial Advisors now owns 767 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 422 shares in the last quarter. Buffington Mohr McNeal acquired a new stake in shares of First Interstate Bancsystem in the 1st quarter valued at about $45,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of First Interstate Bancsystem by 19.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,479 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 411 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in shares of First Interstate Bancsystem by 71.4% in the 4th quarter. Great West Life Assurance Co. Can now owns 3,760 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 1,566 shares in the last quarter. Hedge funds and other institutional investors own 48.28% of the company’s stock.
In other First Interstate Bancsystem news, insider Philip G. Gaglia sold 2,112 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $42.20, for a total value of $89,126.40. Following the completion of the transaction, the insider now owns 3,184 shares in the company, valued at approximately $134,364.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jonathan R. Scott sold 15,670 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $41.14, for a total transaction of $644,663.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,986 shares of company stock valued at $826,645. 24.93% of the stock is owned by insiders.
First Interstate Bancsystem (NASDAQ:FIBK) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). First Interstate Bancsystem had a return on equity of 10.69% and a net margin of 25.84%. The firm had revenue of $150.50 million during the quarter, compared to the consensus estimate of $151.84 million. As a group, equities research analysts expect that First Interstate Bancsystem Inc will post 3.12 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Monday, May 13th will be given a $0.31 dividend. This is a boost from First Interstate Bancsystem’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, May 10th. This represents a $1.24 annualized dividend and a yield of 3.16%. First Interstate Bancsystem’s dividend payout ratio is 42.47%.
FIBK has been the topic of a number of recent analyst reports. Piper Jaffray Companies set a $47.00 target price on shares of First Interstate Bancsystem and gave the company a “buy” rating in a research note on Tuesday, April 9th. Zacks Investment Research upgraded shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research note on Tuesday, March 5th. BidaskClub upgraded shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Robert W. Baird initiated coverage on shares of First Interstate Bancsystem in a research note on Wednesday, April 10th. They set a “neutral” rating and a $42.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $45.65.
About First Interstate Bancsystem
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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
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