Wedge Capital Management L L P NC reduced its holdings in First Interstate Bancsystem Inc (NASDAQ:FIBK) by 8.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,806 shares of the financial services provider’s stock after selling 730 shares during the quarter. Wedge Capital Management L L P NC’s holdings in First Interstate Bancsystem were worth $311,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of FIBK. Quantamental Technologies LLC bought a new stake in shares of First Interstate Bancsystem during the fourth quarter valued at approximately $26,000. Captrust Financial Advisors increased its holdings in shares of First Interstate Bancsystem by 122.3% during the fourth quarter. Captrust Financial Advisors now owns 767 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 422 shares in the last quarter. Buffington Mohr McNeal bought a new stake in shares of First Interstate Bancsystem during the first quarter valued at approximately $45,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of First Interstate Bancsystem by 19.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,479 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 411 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its holdings in shares of First Interstate Bancsystem by 71.4% during the fourth quarter. Great West Life Assurance Co. Can now owns 3,760 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 1,566 shares in the last quarter. Institutional investors and hedge funds own 48.28% of the company’s stock.
Shares of NASDAQ:FIBK traded up $0.01 during mid-day trading on Friday, hitting $39.72. 22,419 shares of the company traded hands, compared to its average volume of 188,388. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.41 and a beta of 1.15. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. First Interstate Bancsystem Inc has a 12-month low of $34.61 and a 12-month high of $47.05.
First Interstate Bancsystem (NASDAQ:FIBK) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). The company had revenue of $150.50 million for the quarter, compared to analysts’ expectations of $151.84 million. First Interstate Bancsystem had a net margin of 25.84% and a return on equity of 10.69%. As a group, equities research analysts expect that First Interstate Bancsystem Inc will post 3.12 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Monday, May 13th will be given a dividend of $0.31 per share. 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 dividend yield of 3.12%. First Interstate Bancsystem’s payout ratio is presently 42.47%.
In related news, Director Jonathan R. Scott sold 15,670 shares of First Interstate Bancsystem stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $41.14, for a total transaction of $644,663.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Philip G. Gaglia sold 2,112 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was 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 directly owns 3,184 shares in the company, valued at approximately $134,364.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,986 shares of company stock worth $826,645. 24.93% of the stock is owned by insiders.
Several equities research analysts have recently commented on the company. Zacks Investment Research downgraded First Interstate Bancsystem from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Piper Jaffray Companies set a $47.00 price objective on First Interstate Bancsystem and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, BidaskClub downgraded First Interstate Bancsystem from a “hold” rating to a “sell” rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $45.65.
First Interstate Bancsystem Company Profile
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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