First Interstate BancSystem, Inc. (NASDAQ:FIBK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 0.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 431,079 shares of the financial services provider’s stock after selling 1,408 shares during the period. Principal Financial Group Inc.’s holdings in First Interstate BancSystem were worth $10,277,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased its holdings in First Interstate BancSystem by 94.6% in the second quarter. Lindbrook Capital LLC now owns 1,043 shares of the financial services provider’s stock valued at $25,000 after buying an additional 507 shares in the last quarter. CWM LLC increased its holdings in First Interstate BancSystem by 129.7% in the second quarter. CWM LLC now owns 1,631 shares of the financial services provider’s stock valued at $39,000 after buying an additional 921 shares in the last quarter. Signaturefd LLC increased its holdings in First Interstate BancSystem by 30.8% in the first quarter. Signaturefd LLC now owns 2,061 shares of the financial services provider’s stock valued at $62,000 after buying an additional 485 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in First Interstate BancSystem by 263.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock valued at $77,000 after buying an additional 1,508 shares in the last quarter. Finally, ICA Group Wealth Management LLC purchased a new position in First Interstate BancSystem in the fourth quarter valued at about $93,000. 78.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FIBK. Piper Sandler dropped their target price on shares of First Interstate BancSystem from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Monday, October 30th. StockNews.com started coverage on shares of First Interstate BancSystem in a research note on Thursday, October 5th. They set a “sell” rating for the company. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of First Interstate BancSystem in a research note on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $31.00.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 20,000 shares of First Interstate BancSystem stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $25.09, for a total transaction of $501,800.00. Following the sale, the insider now owns 1,183,100 shares of the company’s stock, valued at approximately $29,683,979. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Julie A. Scott sold 8,072 shares of First Interstate BancSystem stock in a transaction on Monday, September 11th. The shares were sold at an average price of $24.96, for a total transaction of $201,477.12. Following the sale, the insider now owns 1,215,028 shares of the company’s stock, valued at approximately $30,327,098.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 20,000 shares of First Interstate BancSystem stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $25.09, for a total transaction of $501,800.00. Following the sale, the insider now directly owns 1,183,100 shares in the company, valued at approximately $29,683,979. The disclosure for this sale can be found here. Insiders have sold 85,472 shares of company stock valued at $2,110,447 in the last quarter. Company insiders own 6.80% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $25.73 on Tuesday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 9.49 and a beta of 0.87. The firm’s fifty day simple moving average is $24.20 and its 200 day simple moving average is $24.87. First Interstate BancSystem, Inc. has a twelve month low of $20.81 and a twelve month high of $44.71.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, October 25th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. First Interstate BancSystem had a net margin of 20.07% and a return on equity of 9.22%. The business had revenue of $255.70 million for the quarter, compared to analyst estimates of $258.97 million. During the same quarter in the previous year, the business posted $1.01 EPS. As a group, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.6 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 6th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 7.31%. The ex-dividend date was Friday, November 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is 69.37%.

First Interstate BancSystem Company 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.