Great West Life Assurance Co. Can acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 12,062 shares of the financial services provider's stock, valued at approximately $486,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC grew its position in First Interstate BancSystem by 48.0% during the second quarter. CWM LLC now owns 944 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 306 shares in the last quarter. PNC Financial Services Group Inc. grew its position in First Interstate BancSystem by 263.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider's stock valued at $77,000 after purchasing an additional 1,508 shares in the last quarter. Captrust Financial Advisors grew its position in First Interstate BancSystem by 489.2% during the first quarter. Captrust Financial Advisors now owns 2,881 shares of the financial services provider's stock valued at $106,000 after purchasing an additional 2,392 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in First Interstate BancSystem during the second quarter valued at approximately $188,000. Finally, Xponance Inc. purchased a new position in First Interstate BancSystem during the third quarter valued at approximately $207,000. 77.78% of the stock is owned by hedge funds and other institutional investors.
Get First Interstate BancSystem alerts:Insider Transactions at First Interstate BancSystem
In related news, EVP Russell A. Lee sold 2,500 shares of the business's stock in a transaction on Monday, November 7th. The shares were sold at an average price of $45.30, for a total transaction of $113,250.00. Following the transaction, the executive vice president now owns 4,771 shares of the company's stock, valued at $216,126.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Russell A. Lee sold 2,500 shares of the business's stock in a transaction on Monday, November 7th. The shares were sold at an average price of $45.30, for a total transaction of $113,250.00. Following the transaction, the executive vice president now owns 4,771 shares of the company's stock, valued at $216,126.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan R. Scott sold 30,000 shares of the business's stock in a transaction on Friday, November 11th. The stock was sold at an average price of $44.16, for a total transaction of $1,324,800.00. Following the transaction, the director now directly owns 963,853 shares in the company, valued at approximately $42,563,748.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,852 shares of company stock worth $1,719,869. 6.40% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
FIBK has been the subject of a number of analyst reports. Janney Montgomery Scott cut shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating in a research note on Monday, January 30th. StockNews.com cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Wednesday, October 26th. Keefe, Bruyette & Woods cut shares of First Interstate BancSystem from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $49.00 to $38.00 in a research note on Monday, January 30th. Wells Fargo & Company reduced their target price on shares of First Interstate BancSystem from $48.00 to $42.00 and set an "overweight" rating for the company in a research note on Monday, January 30th. Finally, Stephens upgraded shares of First Interstate BancSystem from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $44.00 to $43.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $43.80.First Interstate BancSystem Price Performance
Shares of First Interstate BancSystem stock opened at $37.59 on Friday. The firm has a fifty day simple moving average of $38.93 and a 200-day simple moving average of $40.89. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.30. First Interstate BancSystem, Inc. has a 1-year low of $32.40 and a 1-year high of $46.34. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 20.32 and a beta of 0.87.
First Interstate BancSystem Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 17th. Stockholders of record on Tuesday, February 7th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date is Monday, February 6th. First Interstate BancSystem's payout ratio is 101.62%.
About First Interstate BancSystem
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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. It also provides Internet, mobile, and other banking and financial services.
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