WBI Investments LLC Sells 518 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

WBI Investments LLC trimmed its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 4.6% in the second quarter, Holdings Channel.com reports. The firm owned 10,635 shares of the financial services provider’s stock after selling 518 shares during the quarter. WBI Investments LLC’s holdings in First Interstate BancSystem were worth $295,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FIBK. Parallel Advisors LLC boosted its holdings in shares of First Interstate BancSystem by 205.3% in the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after buying an additional 856 shares during the period. CWM LLC grew its stake in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 702 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of First Interstate BancSystem in the second quarter worth $106,000. Finally, ICA Group Wealth Management LLC acquired a new position in First Interstate BancSystem during the fourth quarter worth $164,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of First Interstate BancSystem stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the completion of the sale, the director now directly owns 1,021,663 shares in the company, valued at approximately $25,837,857.27. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 209,831 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the completion of the sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. Insiders have sold 239,880 shares of company stock worth $6,069,480 in the last 90 days. Company insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. DA Davidson lifted their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Barclays increased their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Stephens upped their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Piper Sandler reissued an “overweight” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.33.

First Interstate BancSystem Trading Up 1.2 %

FIBK stock opened at $31.05 on Friday. The company has a fifty day moving average price of $29.34 and a two-hundred day moving average price of $27.42. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 12.37 and a beta of 0.82. First Interstate BancSystem, Inc. has a one year low of $20.81 and a one year high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. During the same quarter in the prior year, the business earned $0.66 EPS. Equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.32 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 annualized dividend and a yield of 6.05%. First Interstate BancSystem’s payout ratio is currently 74.90%.

First Interstate BancSystem 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.