Covestor Ltd Reduces Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Covestor Ltd cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 47.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,975 shares of the financial services provider’s stock after selling 1,816 shares during the quarter. Covestor Ltd’s holdings in First Interstate BancSystem were worth $61,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC increased its position in shares of First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the last quarter. Innealta Capital LLC purchased a new stake in First Interstate BancSystem in the second quarter worth approximately $106,000. nVerses Capital LLC grew its position in First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the last quarter. Telos Capital Management Inc. purchased a new position in shares of First Interstate BancSystem during the third quarter worth approximately $201,000. Finally, Washington Trust Bank purchased a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at $204,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Down 0.7 %

NASDAQ:FIBK opened at $33.28 on Friday. The company has a 50-day moving average price of $30.94 and a 200-day moving average price of $29.22. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 14.60 and a beta of 0.81. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a 12 month low of $24.16 and a 12 month high of $34.53.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter in the previous year, the business earned $0.70 earnings per share. Equities analysts predict that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.47 per share. The ex-dividend date was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.65%. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Buying and Selling

In other news, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the completion of the transaction, the insider now owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,320 shares of company stock valued at $1,647,096 over the last ninety days. Company insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Wells Fargo & Company lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Piper Sandler cut their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Hold” and an average target price of $32.50.

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.