Merriman Wealth Management LLC purchased a new position in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 19,996 shares of the financial services provider’s stock, valued at approximately $896,000.
Other hedge funds have also modified their holdings of the company. WINTON GROUP Ltd acquired a new stake in shares of First Interstate Bancsystem in the third quarter valued at approximately $299,000. Wells Fargo & Company MN increased its stake in First Interstate Bancsystem by 2.5% during the third quarter. Wells Fargo & Company MN now owns 249,834 shares of the financial services provider’s stock worth $11,192,000 after acquiring an additional 6,020 shares during the last quarter. Monarch Partners Asset Management LLC increased its stake in First Interstate Bancsystem by 314.6% during the third quarter. Monarch Partners Asset Management LLC now owns 338,435 shares of the financial services provider’s stock worth $15,162,000 after acquiring an additional 256,815 shares during the last quarter. Victory Capital Management Inc. increased its stake in First Interstate Bancsystem by 57.1% during the third quarter. Victory Capital Management Inc. now owns 16,529 shares of the financial services provider’s stock worth $740,000 after acquiring an additional 6,008 shares during the last quarter. Finally, US Bancorp DE increased its stake in First Interstate Bancsystem by 13.5% during the third quarter. US Bancorp DE now owns 22,376 shares of the financial services provider’s stock worth $1,003,000 after acquiring an additional 2,658 shares during the last quarter. Institutional investors own 50.17% of the company’s stock.
In other news, Director Ross E. Leckie sold 4,000 shares of First Interstate Bancsystem stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $45.91, for a total value of $183,640.00. Following the completion of the sale, the director now directly owns 17,599 shares of the company’s stock, valued at $807,970.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin P. Riley acquired 975 shares of the company’s stock in a transaction dated Wednesday, October 31st. The stock was purchased at an average cost of $41.78 per share, with a total value of $40,735.50. The disclosure for this purchase can be found here. Insiders sold 7,000 shares of company stock valued at $300,210 over the last ninety days. Insiders own 40.23% of the company’s stock.
FIBK stock opened at $42.73 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10. First Interstate Bancsystem Inc has a 52-week low of $36.00 and a 52-week high of $47.05.
First Interstate Bancsystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.71 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.04). First Interstate Bancsystem had a net margin of 23.86% and a return on equity of 10.88%. The firm had revenue of $146.20 million during the quarter, compared to analyst estimates of $144.93 million. As a group, equities research analysts anticipate that First Interstate Bancsystem Inc will post 2.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Friday, November 9th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.62%. First Interstate Bancsystem’s payout ratio is presently 55.72%.
Several research firms have issued reports on FIBK. DA Davidson raised their target price on First Interstate Bancsystem from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, October 12th. Robert W. Baird began coverage on First Interstate Bancsystem in a research note on Tuesday, October 16th. They set an “outperform” rating and a $52.00 target price for the company. Zacks Investment Research raised First Interstate Bancsystem from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Monday, July 30th. BidaskClub raised First Interstate Bancsystem from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 17th. Finally, Barclays reissued a “buy” rating and set a $48.00 target price on shares of First Interstate Bancsystem in a research note on Sunday, July 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $48.33.
WARNING: This piece was originally posted by Transcript Daily and is owned by of Transcript Daily. If you are accessing this piece on another site, it was stolen and republished in violation of international copyright & trademark laws. The legal version of this piece can be viewed at https://transcriptdaily.com/2018/11/10/merriman-wealth-management-llc-takes-position-in-first-interstate-bancsystem-inc-fibk.html.
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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
Featured Story: What does EPS mean?
Want to see what other hedge funds are holding FIBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Interstate Bancsystem Inc (NASDAQ:FIBK).
Receive News & Ratings for First Interstate Bancsystem Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate Bancsystem and related companies with MarketBeat.com's FREE daily email newsletter.