Covestor Ltd Sells 1,816 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Covestor Ltd lessened its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 47.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after acquiring an additional 367,212 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of First Interstate BancSystem in the 1st quarter valued at $1,597,000. CWM LLC raised its stake in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the last quarter. Renaissance Technologies LLC bought a new position in First Interstate BancSystem during the second quarter worth $825,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in First Interstate BancSystem by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock valued at $1,413,000 after buying an additional 2,940 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,320 shares of company stock worth $1,647,096. Corporate insiders own 6.90% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $33.28 on Friday. 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 twelve month low of $24.16 and a twelve month high of $34.53. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 14.60 and a beta of 0.81. The stock’s 50 day moving average is $30.94 and its 200-day moving average is $29.22.

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 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 in the prior year, the business earned $0.70 EPS. Sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FIBK shares. DA Davidson lifted their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Barclays cut 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. Keefe, Bruyette & Woods lifted their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Finally, StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target 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.