Massachusetts Financial Services Co. MA Sells 60,255 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Massachusetts Financial Services Co. MA lessened its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,991,377 shares of the financial services provider’s stock after selling 60,255 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.90% of First Interstate BancSystem worth $61,095,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after acquiring an additional 367,212 shares during the period. Bank of New York Mellon Corp increased its stake in shares of First Interstate BancSystem by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock worth $24,648,000 after purchasing an additional 11,493 shares during the period. Jennison Associates LLC lifted its position in shares of First Interstate BancSystem by 57.3% during the 3rd quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock worth $27,176,000 after purchasing an additional 322,578 shares during the last quarter. Leeward Investments LLC MA boosted its stake in First Interstate BancSystem by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 657,946 shares of the financial services provider’s stock valued at $18,271,000 after purchasing an additional 34,817 shares during the period. Finally, Empower Advisory Group LLC boosted its stake in First Interstate BancSystem by 4.8% during the 3rd quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after purchasing an additional 21,191 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $34.39 on Monday. The firm has a market capitalization of $3.59 billion, a PE ratio of 15.08 and a beta of 0.81. The company has a quick ratio of 0.78, a current 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 $34.61. The firm has a 50-day moving average price of $31.51 and a 200 day moving average price of $29.52.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period last year, the firm earned $0.70 earnings per share. Research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.47%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is 82.46%.

Analyst Ratings Changes

A number of brokerages have recently commented on FIBK. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Piper Sandler cut their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. DA Davidson raised their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Stephens reaffirmed an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $32.50.

Insider Buying and Selling

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the transaction, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the sale, the insider now owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,770 shares of company stock worth $1,630,272 in the last quarter. 6.90% of the stock is owned by corporate insiders.

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