Massachusetts Financial Services Co. MA Decreases Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Massachusetts Financial Services Co. MA reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,917,442 shares of the financial services provider’s stock after selling 54,559 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.83% of First Interstate BancSystem worth $54,935,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. FMR LLC boosted its stake in shares of First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider’s stock valued at $220,352,000 after acquiring an additional 1,778,269 shares during the last quarter. Wellington Management Group LLP increased its holdings in First Interstate BancSystem by 88.3% during the 4th quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider’s stock worth $78,760,000 after purchasing an additional 1,137,401 shares during the last quarter. Norges Bank acquired a new position in First Interstate BancSystem during the 4th quarter valued at approximately $24,137,000. First Interstate Bank boosted its position in First Interstate BancSystem by 14.1% during the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider’s stock valued at $144,778,000 after purchasing an additional 624,268 shares during the period. Finally, FJ Capital Management LLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth $19,960,000. 88.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Barclays raised First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Wall Street Zen upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Saturday, May 10th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 target price on the stock in a research note on Monday, June 23rd. Finally, Wells Fargo & Company increased their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an “underweight” rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.43.

First Interstate BancSystem Stock Up 2.1%

Shares of NASDAQ:FIBK opened at $30.77 on Friday. The stock’s 50-day moving average price is $28.16 and its 200-day moving average price is $29.13. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The stock has a market capitalization of $3.23 billion, a P/E ratio of 14.58 and a beta of 0.79. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The business had revenue of $42.00 million for the quarter, compared to analysts’ expectations of $253.50 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. First Interstate BancSystem’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.11%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem’s dividend payout ratio is 89.10%.

Insiders Place Their Bets

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the transaction, the insider directly owned 584,256 shares in the company, valued at approximately $18,176,204.16. This trade represents a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.20% of the stock is owned by company 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.