First Interstate Bancsystem Inc (FIBK) Stake Decreased by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its holdings in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) by 25.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,339 shares of the financial services provider’s stock after selling 10,158 shares during the period. Russell Investments Group Ltd. owned about 0.05% of First Interstate Bancsystem worth $1,359,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its position in First Interstate Bancsystem by 14.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 532,227 shares of the financial services provider’s stock valued at $22,460,000 after buying an additional 68,075 shares during the period. Wells Fargo & Company MN increased its holdings in shares of First Interstate Bancsystem by 42.1% during the second quarter. Wells Fargo & Company MN now owns 243,814 shares of the financial services provider’s stock valued at $10,288,000 after acquiring an additional 72,228 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of First Interstate Bancsystem by 171.7% during the second quarter. First Trust Advisors LP now owns 138,328 shares of the financial services provider’s stock valued at $5,837,000 after acquiring an additional 87,416 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of First Interstate Bancsystem by 15.9% during the second quarter. Victory Capital Management Inc. now owns 10,521 shares of the financial services provider’s stock valued at $444,000 after acquiring an additional 1,445 shares in the last quarter. Finally, IndexIQ Advisors LLC increased its holdings in shares of First Interstate Bancsystem by 8.9% during the second quarter. IndexIQ Advisors LLC now owns 55,307 shares of the financial services provider’s stock valued at $2,334,000 after acquiring an additional 4,519 shares in the last quarter. Institutional investors own 48.49% of the company’s stock.

In related news, Director John M. Heyneman, Jr. sold 2,000 shares of First Interstate Bancsystem stock in a transaction dated Sunday, November 25th. The stock was sold at an average price of $37.35, for a total value of $74,700.00. Following the completion of the sale, the director now directly owns 3,621 shares in the company, valued at approximately $135,244.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Homer A. Scott, Jr. sold 11,700 shares of First Interstate Bancsystem stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $42.84, for a total value of $501,228.00. The disclosure for this sale can be found here. Insiders sold a total of 17,700 shares of company stock valued at $745,898 over the last quarter. 40.23% of the stock is owned by corporate insiders.

Several brokerages have recently weighed in on FIBK. BidaskClub downgraded First Interstate Bancsystem from a “buy” rating to a “hold” rating in a report on Friday. DA Davidson raised their price target on First Interstate Bancsystem from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, October 12th. Robert W. Baird began coverage on First Interstate Bancsystem in a report on Tuesday, October 16th. They set an “outperform” rating and a $52.00 price target for the company. Finally, Zacks Investment Research downgraded First Interstate Bancsystem from a “hold” rating to a “sell” rating in a report on Friday, October 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $48.33.

NASDAQ FIBK opened at $40.16 on Friday. First Interstate Bancsystem Inc has a one year low of $38.10 and a one year high of $47.05. The stock has a market capitalization of $2.44 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.53 and a beta of 1.08. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07.

First Interstate Bancsystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.04). First Interstate Bancsystem had a return on equity of 10.49% and a net margin of 25.82%. The business had revenue of $146.20 million during the quarter, compared to the consensus estimate of $144.93 million. On average, sell-side analysts expect that First Interstate Bancsystem Inc will post 2.93 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 19th. Investors of record on Friday, November 9th were issued a $0.28 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.12 annualized dividend and a yield of 2.79%. First Interstate Bancsystem’s payout ratio is 55.72%.

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About First Interstate Bancsystem

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.

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Institutional Ownership by Quarter for First Interstate Bancsystem (NASDAQ:FIBK)

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