Geode Capital Management LLC Cuts Stock Holdings in First Interstate BancSystem, Inc. $FIBK

Geode Capital Management LLC trimmed its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 1.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,233,930 shares of the financial services provider’s stock after selling 31,644 shares during the period. Geode Capital Management LLC’s holdings in First Interstate BancSystem were worth $77,305,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Northern Capital Management Inc. grew its stake in First Interstate BancSystem by 0.5% during the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after acquiring an additional 275 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of First Interstate BancSystem by 2.7% in the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after buying an additional 375 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after buying an additional 397 shares in the last quarter. First Horizon Corp grew its stake in shares of First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after buying an additional 455 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 49.6% in the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after buying an additional 516 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $35.57 on Tuesday. The firm has a 50-day moving average price of $34.71 and a 200-day moving average price of $35.12. The firm has a market capitalization of $3.46 billion, a PE ratio of 11.59 and a beta of 0.76. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 12-month low of $25.81 and a 12-month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million during the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same quarter last year, the business earned $0.49 EPS. As a group, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 5.3%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 61.24%.

Analyst Upgrades and Downgrades

FIBK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wells Fargo & Company lifted their price objective on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Saturday. DA Davidson cut shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. Finally, UBS Group lifted their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $37.00.

Insiders Place Their Bets

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares in the company, valued at $30,834,624.24. This trade represents a 1.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.00% of the stock is owned by insiders.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.