First Interstate BancSystem, Inc. $FIBK Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 15.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,148,154 shares of the financial services provider’s stock after selling 400,909 shares during the quarter. JPMorgan Chase & Co.’s holdings in First Interstate BancSystem were worth $61,910,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in First Interstate BancSystem by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,209,671 shares of the financial services provider’s stock worth $149,254,000 after purchasing an additional 163,930 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of First Interstate BancSystem by 31.6% in the first quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider’s stock worth $91,481,000 after buying an additional 767,432 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of First Interstate BancSystem by 7.1% during the second quarter. Geode Capital Management LLC now owns 2,179,093 shares of the financial services provider’s stock worth $62,809,000 after buying an additional 144,800 shares during the period. Jennison Associates LLC grew its holdings in shares of First Interstate BancSystem by 2.6% during the second quarter. Jennison Associates LLC now owns 1,555,385 shares of the financial services provider’s stock valued at $44,826,000 after buying an additional 39,412 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of First Interstate BancSystem during the first quarter valued at $32,796,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FIBK has been the subject of a number of research analyst reports. Weiss Ratings upgraded First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, November 24th. Wells Fargo & Company raised their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Barclays upped their target price on First Interstate BancSystem from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 11th. DA Davidson increased their price target on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Finally, Wall Street Zen lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Friday. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.57.

First Interstate BancSystem Stock Up 0.2%

Shares of FIBK opened at $32.86 on Friday. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 13.86 and a beta of 0.83. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $35.81. The stock’s 50-day moving average price is $31.72 and its 200-day moving average price is $30.35. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. First Interstate BancSystem had a return on equity of 7.30% and a net margin of 16.04%.The company had revenue of $204.70 million during the quarter, compared to analysts’ expectations of $254.71 million. During the same period last year, the business earned $0.54 earnings per share. On average, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Monday, November 10th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Monday, November 10th. First Interstate BancSystem’s payout ratio is currently 79.32%.

Insider Buying and Selling

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $30.99, for a total transaction of $309,900.00. Following the sale, the insider owned 234,460 shares in the company, valued at approximately $7,265,915.40. This trade represents a 4.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John M. Heyneman, Jr. sold 30,432 shares of First Interstate BancSystem stock in a transaction on Friday, November 21st. The shares were sold at an average price of $31.03, for a total transaction of $944,304.96. Following the completion of the transaction, the director directly owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. The trade was a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 82,232 shares of company stock valued at $2,585,888. Corporate insiders own 8.20% of the company’s stock.

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.