Advisors Asset Management Inc. Sells 9,200 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Advisors Asset Management Inc. lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 37.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,599 shares of the financial services provider’s stock after selling 9,200 shares during the period. Advisors Asset Management Inc.’s holdings in First Interstate BancSystem were worth $479,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FIBK. CWM LLC raised its stake 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 shares of First Interstate BancSystem in the second quarter worth approximately $106,000. nVerses Capital LLC raised its stake in shares of First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares during the last quarter. Telos Capital Management Inc. purchased a new stake in shares of First Interstate BancSystem in the third quarter worth approximately $201,000. Finally, Washington Trust Bank purchased a new stake in shares of First Interstate BancSystem in the second quarter worth approximately $204,000. Institutional investors own 88.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on FIBK shares. Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Piper Sandler decreased their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their price target for the company from $32.00 to $42.00 in a research report on Tuesday. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Finally, Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $33.83.

Insiders Place Their Bets

In other news, Director Jonathan R. Scott sold 6,500 shares of the firm’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 completion of the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares of the company’s stock, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 over the last ninety days. 6.90% of the stock is currently owned by insiders.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $35.35 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day simple moving average of $31.79 and a two-hundred day simple moving average of $29.68. First Interstate BancSystem, Inc. has a 1 year low of $24.16 and a 1 year high of $36.77. The company has a market capitalization of $3.70 billion, a P/E ratio of 15.50 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last released 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 in the previous year, the company earned $0.70 earnings per share. On average, analysts expect that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders 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 5.32%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

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.