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

Geode Capital Management LLC reduced its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,233,930 shares of the financial services provider’s stock after selling 31,644 shares during the period. Geode Capital Management LLC owned about 2.17% of First Interstate BancSystem worth $77,305,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after acquiring an additional 1,214,454 shares during the period. Wellington Management Group LLP raised its position 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 worth $188,525,000 after acquiring an additional 1,003,021 shares during the period. Dimensional Fund Advisors LP raised its position in First Interstate BancSystem by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after acquiring an additional 78,835 shares during the period. State Street Corp raised its position in First Interstate BancSystem by 2.3% in the second quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock worth $116,735,000 after acquiring an additional 92,715 shares during the period. Finally, HoldCo Asset Management LP raised its position in First Interstate BancSystem by 10.6% in the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock worth $125,890,000 after acquiring an additional 380,000 shares during the period. 88.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on FIBK. DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $41.00 to $39.00 in a research report on Wednesday, May 27th. Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 15th. Finally, 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. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $37.00.

Insiders Place Their Bets

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction on 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 transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.00% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $35.57 on Tuesday. The firm has a fifty day moving average price of $34.71 and a 200-day moving average price of $35.12. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $3.46 billion, a PE ratio of 11.59 and a beta of 0.76. First Interstate BancSystem, Inc. has a 1 year low of $25.81 and a 1 year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $5.10 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $0.49 earnings per share. Equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

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

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.