ProShare Advisors LLC Cuts Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

ProShare Advisors LLC lessened its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 15.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 252,306 shares of the financial services provider’s stock after selling 47,210 shares during the quarter. ProShare Advisors LLC’s holdings in First Interstate BancSystem were worth $7,007,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. TNF LLC lifted its stake in First Interstate BancSystem by 1.7% in the second quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock worth $694,000 after acquiring an additional 410 shares during the last quarter. Caprock Group LLC grew its stake in shares of First Interstate BancSystem by 1.7% during the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after purchasing an additional 422 shares in the last quarter. CWM LLC increased its holdings in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after buying an additional 430 shares during the last quarter. Inspire Investing LLC lifted its holdings in First Interstate BancSystem by 4.6% during the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after buying an additional 570 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after buying an additional 744 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 1.4 %

FIBK opened at $30.42 on Wednesday. First Interstate BancSystem, Inc. has a 52 week low of $20.81 and a 52 week high of $33.00. The business has a 50 day moving average price of $30.13 and a two-hundred day moving average price of $27.90. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. The company has a market cap of $3.18 billion, a PE ratio of 12.12 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. The firm had revenue of $244.30 million during the quarter, compared to the consensus estimate of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same period last year, the company earned $0.66 earnings per share. As a group, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.34 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.18%. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays increased their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. DA Davidson upped their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Stephens lifted their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company upped their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $33.33.

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.