Wedge Capital Management L L P NC Cuts Holdings in First Interstate BancSystem, Inc. $FIBK

Wedge Capital Management L L P NC lowered its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 56.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,907 shares of the financial services provider’s stock after selling 41,374 shares during the period. Wedge Capital Management L L P NC’s holdings in First Interstate BancSystem were worth $1,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of First Interstate BancSystem by 13.7% during the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after buying an additional 1,214,454 shares in the last quarter. Wellington Management Group LLP raised its holdings in First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after acquiring an additional 1,003,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First Interstate BancSystem by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock worth $188,066,000 after acquiring an additional 231,405 shares during the last quarter. State Street Corp lifted its stake in First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after acquiring an additional 1,254,321 shares during the last quarter. Finally, Capital International Investors purchased a new position in First Interstate BancSystem in the fourth quarter worth approximately $92,504,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $39.17 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. First Interstate BancSystem, Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The firm has a 50-day simple moving average of $38.04 and a 200-day simple moving average of $36.14. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.05 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 earnings per share. On average, equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 4.8%. First Interstate BancSystem’s dividend payout ratio is 57.85%.

Analyst Ratings Changes

FIBK has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a report on Monday. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Finally, DA Davidson reaffirmed a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $36.83.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the sale, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of First Interstate BancSystem stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the sale, the insider owned 862,128 shares of the company’s stock, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 32,392 shares of company stock worth $1,161,552 in the last three months. 8.00% of the stock is owned by corporate insiders.

First Interstate BancSystem Company 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.