Cullen Capital Management LLC Invests $701,000 in First Interstate BancSystem, Inc. $FIBK

Cullen Capital Management LLC purchased a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 18,177 shares of the financial services provider’s stock, valued at approximately $701,000.

Several other institutional investors also recently bought and sold shares of FIBK. BlackRock Inc. purchased a new position in shares of First Interstate BancSystem in the second quarter worth about $529,533,000. Capital International Investors purchased a new stake in shares of First Interstate BancSystem during the 4th quarter valued at approximately $92,504,000. State Street Corp lifted its stake in shares of First Interstate BancSystem by 29.7% in the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after purchasing an additional 1,254,321 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of First Interstate BancSystem by 13.7% during the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after purchasing an additional 1,214,454 shares during the period. Finally, North Reef Capital Management LP increased its position in shares of First Interstate BancSystem by 132.4% during the 4th quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock worth $68,335,000 after purchasing an additional 1,124,999 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 0.5%

Shares of NASDAQ:FIBK opened at $37.06 on Wednesday. The firm has a market capitalization of $3.53 billion, a PE ratio of 11.40 and a beta of 0.76. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The firm’s 50-day moving average is $38.24 and its two-hundred day moving average is $36.19.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.69 by $0.18. The company had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 EPS. Analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s payout ratio is presently 57.85%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,392 shares of company stock valued at $1,161,552 over the last three months. 8.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. UBS Group boosted their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $38.00 to $37.00 in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem has an average rating of “Reduce” and an average target price of $36.83.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.