Great Lakes Advisors LLC Invests $5.64 Million in First Interstate BancSystem, Inc. $FIBK

Great Lakes Advisors LLC bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 146,228 shares of the financial services provider’s stock, valued at approximately $5,639,000.

Several other institutional investors also recently bought and sold shares of the stock. AQR Capital Management LLC grew its stake in shares of First Interstate BancSystem by 37.2% during the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock worth $1,926,000 after purchasing an additional 18,210 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock valued at $1,353,000 after purchasing an additional 2,070 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in First Interstate BancSystem during the first quarter worth $238,000. Jones Financial Companies Lllp boosted its holdings in First Interstate BancSystem by 24,352.5% during the first quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after buying an additional 24,596 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in First Interstate BancSystem during the first quarter valued at $5,125,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Down 1.6%

Shares of FIBK opened at $37.84 on Thursday. First Interstate BancSystem, Inc. has a 52-week low of $29.10 and a 52-week high of $40.60. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. The firm’s fifty day moving average is $38.18 and its two-hundred day moving average is $36.18. The stock has a market cap of $3.61 billion, a PE ratio of 11.64 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. The business had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 earnings per share. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is currently 57.85%.

Wall Street Analyst Weigh In

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

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the sale, the insider owned 862,128 shares in the company, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s 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 $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 32,392 shares of company stock valued at $1,161,552. 8.00% of the stock is owned by insiders.

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.