First Interstate BancSystem, Inc. $FIBK Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 45.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,625 shares of the financial services provider’s stock after selling 14,510 shares during the period. State of Alaska Department of Revenue’s holdings in First Interstate BancSystem were worth $629,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in First Interstate BancSystem by 31.0% in the third quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 639 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of First Interstate BancSystem in the 2nd quarter valued at about $26,000. NewEdge Advisors LLC bought a new position in shares of First Interstate BancSystem in the 2nd quarter valued at about $232,000. IFP Advisors Inc grew its position in shares of First Interstate BancSystem by 3,833.3% in the 2nd quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 3,335 shares during the period. Finally, Squarepoint Ops LLC increased its stake in shares of First Interstate BancSystem by 3.0% during the 2nd quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider’s stock worth $4,811,000 after purchasing an additional 3,643 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Key First Interstate BancSystem News

Here are the key news stories impacting First Interstate BancSystem this week:

• Positive Sentiment: First Interstate declared a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a yield of approximately 5.2%. The dividend supports the stock’s income appeal. First Interstate dividend information
• Positive Sentiment: Third-quarter revenue totaled $249.5 million, slightly exceeding analyst expectations of $247.93 million. Net interest margin also improved to 3.53%, a potentially encouraging sign for future earnings if sustained. First Interstate third-quarter earnings release
• Neutral Sentiment: Major shareholder Jonathan Scott sold 5,000 shares for approximately $184,500. The sale reduced his holdings by only 0.61%, leaving him with 812,738 shares, so the transaction is relatively small compared with his remaining stake. SEC insider ownership filing
• Negative Sentiment: FIBK reported third-quarter earnings of $0.65 per diluted share, missing consensus estimates, which ranged from roughly $0.70 to $0.92 depending on the data provider. Net income fell to $62.2 million from $71.4 million a year earlier, while earnings declined to $0.65 from $0.69 per share. First Interstate earnings flash
• Negative Sentiment: Investors remain concerned about weak core earnings growth, a contracting loan portfolio and a declining asset base. These trends suggest that improved margins have not yet translated into stronger overall operating performance relative to regional-bank peers. First Interstate Q3 analysis

Wall Street Analysts Forecast Growth

FIBK has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Wells Fargo & Company reiterated an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Saturday. Barclays lifted their price target on First Interstate BancSystem from $37.00 to $38.00 and gave the stock an “underweight” rating in a report on Monday, October 5th. Finally, Benchmark raised First Interstate BancSystem to a “hold” rating in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, First Interstate BancSystem has a consensus rating of “Reduce” and an average target price of $37.00.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the sale, the insider owned 484,309 shares in the company, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 16,929 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the sale, the insider owned 825,809 shares of the company’s stock, valued at $30,579,707.27. This trade represents a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 32,700 shares of company stock worth $1,213,976. Corporate insiders own 8.00% of the company’s stock.

First Interstate BancSystem Stock Down 0.3%

FIBK opened at $36.78 on Friday. First Interstate BancSystem, Inc. has a 1-year low of $29.39 and a 1-year high of $40.60. The stock’s fifty day simple moving average is $36.50 and its 200 day simple moving average is $36.55. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.51 billion, a PE ratio of 11.46 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.03). First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.33%. The business had revenue of $249.50 million for the quarter, compared to analyst estimates of $247.93 million. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.88 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, November 3rd will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Tuesday, November 3rd. First Interstate BancSystem’s payout ratio is currently 57.85%.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.