ProShare Advisors LLC Sells 243,743 Shares of First Interstate BancSystem, Inc. $FIBK

ProShare Advisors LLC lessened its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 93.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,064 shares of the financial services provider’s stock after selling 243,743 shares during the quarter. ProShare Advisors LLC’s holdings in First Interstate BancSystem were worth $521,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FIBK. Quarry LP raised its holdings in First Interstate BancSystem by 63.8% during the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after buying an additional 450 shares during the last quarter. Deutsche Bank AG increased its position in shares of First Interstate BancSystem by 0.7% in the first quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider’s stock valued at $2,007,000 after acquiring an additional 455 shares during the period. Altus Wealth Group LLC raised its stake in shares of First Interstate BancSystem by 2.2% during the second quarter. Altus Wealth Group LLC now owns 27,072 shares of the financial services provider’s stock valued at $780,000 after acquiring an additional 585 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of First Interstate BancSystem by 186.5% during the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 647 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of First Interstate BancSystem by 4.0% in the first quarter. Evergreen Capital Management LLC now owns 25,571 shares of the financial services provider’s stock worth $733,000 after purchasing an additional 991 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

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 that occurred on Wednesday, October 1st. The stock was sold at an average price of $31.59, for a total transaction of $315,900.00. Following the completion of the transaction, the insider owned 244,460 shares of the company’s stock, valued at $7,722,491.40. This trade represents a 3.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Jonathan R. Scott sold 13,715 shares of First Interstate BancSystem stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $32.09, for a total value of $440,114.35. Following the transaction, the insider owned 959,109 shares of the company’s stock, valued at $30,777,807.81. The trade was a 1.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 51,800 shares of company stock valued at $1,641,583 in the last ninety days. Insiders own 8.20% of the company’s stock.

First Interstate BancSystem Price Performance

FIBK opened at $30.73 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 12.97 and a beta of 0.83. The stock has a fifty day simple moving average of $31.80 and a two-hundred day simple moving average of $30.11. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $204.70 million for the quarter, compared to the consensus estimate of $254.71 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 7.30%. During the same period in the prior year, the firm earned $0.54 EPS. Research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, November 10th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.1%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 79.32%.

Wall Street Analyst Weigh In

A number of research firms have commented on FIBK. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Wednesday, October 8th. UBS Group upped their target price on First Interstate BancSystem from $33.00 to $34.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Barclays lifted their price target on shares of First Interstate BancSystem from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Finally, DA Davidson raised their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $35.57.

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.