200,880 Shares in First Interstate BancSystem, Inc. $FIBK Bought by Legal & General Group Plc

Legal & General Group Plc bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 200,880 shares of the financial services provider’s stock, valued at approximately $7,746,000. Legal & General Group Plc owned approximately 0.21% of First Interstate BancSystem at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FIBK. Northern Capital Management Inc. lifted its holdings in shares of First Interstate BancSystem by 0.5% in the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after purchasing an additional 275 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of First Interstate BancSystem by 17.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after buying an additional 315 shares in the last quarter. HighTower Advisors LLC raised its position in First Interstate BancSystem by 2.7% in the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock valued at $491,000 after buying an additional 375 shares during the last quarter. Alliancebernstein L.P. raised its position in First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after buying an additional 397 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in First Interstate BancSystem in the 4th quarter valued at approximately $25,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $36.31 on Wednesday. The company has a fifty day moving average price of $38.29 and a two-hundred day moving average price of $36.14. First Interstate BancSystem, Inc. has a one year low of $29.10 and a one year high of $40.60. The stock has a market cap of $3.46 billion, a P/E ratio of 11.17 and a beta of 0.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.18. The company had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. First Interstate BancSystem’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 EPS. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s payout ratio is 57.85%.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the transaction, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. The trade was a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the transaction, the insider directly owned 862,128 shares in the company, valued at $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,392 shares of company stock worth $1,161,552 in the last 90 days. Corporate insiders own 8.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FIBK. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $38.00 to $37.00 in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Wells Fargo & Company reissued an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. DA Davidson restated a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $36.83.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.