FJ Capital Management LLC Boosts Stock Position in First Interstate BancSystem, Inc. $FIBK

FJ Capital Management LLC grew its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 44.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 890,226 shares of the financial services provider’s stock after buying an additional 275,510 shares during the period. First Interstate BancSystem accounts for 2.6% of FJ Capital Management LLC’s portfolio, making the stock its 11th biggest holding. FJ Capital Management LLC owned 0.85% of First Interstate BancSystem worth $25,505,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Quarry LP raised its stake in First Interstate BancSystem by 63.8% during the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 450 shares during the period. Deutsche Bank AG increased its stake in First Interstate BancSystem by 0.7% in the 1st quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider’s stock worth $2,007,000 after acquiring an additional 455 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in First Interstate BancSystem in the 4th quarter worth approximately $26,000. Evergreen Capital Management LLC increased its stake in First Interstate BancSystem by 4.0% in the 1st quarter. Evergreen Capital Management LLC now owns 25,571 shares of the financial services provider’s stock worth $733,000 after acquiring an additional 991 shares during the last quarter. Finally, JNBA Financial Advisors bought a new stake in First Interstate BancSystem in the 1st quarter worth approximately $29,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $32.72 on Monday. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 14.74 and a beta of 0.80. The stock has a fifty day simple moving average of $30.12 and a two-hundred day simple moving average of $28.59. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The business had revenue of $248.30 million during the quarter, compared to analysts’ expectations of $253.73 million. During the same period in the prior year, the business earned $0.58 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem’s dividend payout ratio is 84.68%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price objective on the stock in a research note on Monday, June 23rd. Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Monday, August 11th. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an “underweight” rating in a report on Thursday, July 10th. Finally, Barclays upgraded First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.43.

Insiders Place Their Bets

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the completion of the sale, the insider directly owned 529,256 shares in the company, valued at $14,745,072.16. This represents a 9.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director owned 5,224 shares of the company’s stock, valued at $157,660.32. This trade represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 121,818 shares of company stock valued at $3,600,017 over the last 90 days. 8.20% of the stock is currently 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.