Wedge Capital Management L L P NC Has $2.47 Million Holdings in First Interstate BancSystem, Inc. $FIBK

Wedge Capital Management L L P NC lifted its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 13.3% during the second quarter, Holdings Channel.com reports. The firm owned 85,825 shares of the financial services provider’s stock after purchasing an additional 10,094 shares during the period. Wedge Capital Management L L P NC’s holdings in First Interstate BancSystem were worth $2,473,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in First Interstate BancSystem by 12.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 15,444 shares of the financial services provider’s stock valued at $481,000 after buying an additional 1,720 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in First Interstate BancSystem by 18.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 419,104 shares of the financial services provider’s stock valued at $12,079,000 after buying an additional 66,018 shares during the last quarter. Strs Ohio purchased a new stake in First Interstate BancSystem in the 1st quarter valued at $335,000. Intech Investment Management LLC raised its position in First Interstate BancSystem by 47.9% in the 1st quarter. Intech Investment Management LLC now owns 52,558 shares of the financial services provider’s stock valued at $1,506,000 after buying an additional 17,016 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in First Interstate BancSystem in the 1st quarter valued at $5,125,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FIBK has been the subject of a number of recent analyst reports. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Monday, August 11th. Barclays upgraded First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. DA Davidson upped their price objective on First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price target for the company in a research note on Monday, June 23rd. Finally, Wells Fargo & Company increased their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an “underweight” rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $34.86.

First Interstate BancSystem Trading Down 1.2%

First Interstate BancSystem stock opened at $33.45 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. First Interstate BancSystem, Inc. has a one year low of $22.95 and a one year high of $36.77. The stock has a market capitalization of $3.51 billion, a PE ratio of 15.07 and a beta of 0.80. The business’s fifty day moving average is $30.97 and its 200 day moving average is $28.77.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The company had revenue of $248.30 million for the quarter, compared to the consensus estimate of $253.73 million. During the same quarter in the prior year, the company earned $0.58 earnings per share. First Interstate BancSystem’s revenue was up 1.6% on a year-over-year basis. On average, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.88 annualized dividend and a dividend yield of 5.6%. First Interstate BancSystem’s dividend payout ratio (DPR) is 84.68%.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 11,818 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the sale, the director owned 5,224 shares of the company’s stock, valued at approximately $157,660.32. This trade represents a 69.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the sale, the insider directly owned 529,256 shares in the company, valued at $14,745,072.16. This trade represents a 9.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock worth $3,600,017 in the last three months. 8.20% of the stock is owned by corporate insiders.

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.