Assetmark Inc. Trims Stake in First Interstate Bancsystem Inc (FIBK)
Assetmark Inc. trimmed its stake in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) by 49.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,405 shares of the financial services provider’s stock after selling 76,384 shares during the period. Assetmark Inc.’s holdings in First Interstate Bancsystem were worth $3,180,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in shares of First Interstate Bancsystem during the 3rd quarter valued at approximately $105,000. Stifel Financial Corp acquired a new position in shares of First Interstate Bancsystem during the 3rd quarter worth approximately $200,000. UBS Asset Management Americas Inc. acquired a new position in shares of First Interstate Bancsystem during the 2nd quarter worth approximately $213,000. Opus Capital Group LLC acquired a new position in shares of First Interstate Bancsystem during the 4th quarter worth approximately $223,000. Finally, Victory Capital Management Inc. raised its position in shares of First Interstate Bancsystem by 31.9% during the 3rd quarter. Victory Capital Management Inc. now owns 5,977 shares of the financial services provider’s stock worth $229,000 after purchasing an additional 1,446 shares during the last quarter. Institutional investors own 45.90% of the company’s stock.
Several research analysts recently issued reports on FIBK shares. Keefe, Bruyette & Woods restated a “hold” rating and set a $45.00 price objective on shares of First Interstate Bancsystem in a research report on Friday, December 22nd. Barclays lifted their price objective on First Interstate Bancsystem from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Piper Jaffray Companies restated a “buy” rating on shares of First Interstate Bancsystem in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $44.75.
First Interstate Bancsystem (NASDAQ:FIBK) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.08). First Interstate Bancsystem had a return on equity of 9.04% and a net margin of 23.23%. The company had revenue of $138.03 million for the quarter, compared to analyst estimates of $138.00 million. analysts predict that First Interstate Bancsystem Inc will post 2.97 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 22nd. Investors of record on Monday, February 12th were given a dividend of $0.28 per share. This is an increase from First Interstate Bancsystem’s previous quarterly dividend of $0.24. This represents a $1.12 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Friday, February 9th. First Interstate Bancsystem’s payout ratio is currently 54.63%.
In other First Interstate Bancsystem news, SVP Kevin Guenthner sold 1,000 shares of First Interstate Bancsystem stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.06, for a total value of $40,060.00. Following the completion of the sale, the senior vice president now directly owns 13,989 shares of the company’s stock, valued at approximately $560,399.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin P. Riley bought 800 shares of the stock in a transaction on Monday, February 5th. The stock was purchased at an average cost of $41.34 per share, with a total value of $33,072.00. Following the completion of the purchase, the chief executive officer now directly owns 28,349 shares in the company, valued at approximately $1,171,947.66. The disclosure for this purchase can be found here. Insiders have sold a total of 260,200 shares of company stock valued at $10,285,176 over the last 90 days. Insiders own 38.22% of the company’s stock.
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First Interstate Bancsystem Profile
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
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