UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Stock Position in First Interstate BancSystem, Inc. $FIBK

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 9.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 163,237 shares of the financial services provider’s stock after selling 16,720 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.17% of First Interstate BancSystem worth $6,294,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of First Interstate BancSystem during the second quarter worth approximately $65,000. Punch & Associates Investment Management Inc. purchased a new position in First Interstate BancSystem in the 2nd quarter valued at $30,000,000. Bank of America Corp DE acquired a new position in First Interstate BancSystem in the 2nd quarter valued at $56,386,000. Man Group plc purchased a new position in First Interstate BancSystem during the 2nd quarter worth $1,966,000. Finally, Jupiter Topco LLC acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter worth $1,442,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FIBK shares. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Wells Fargo & Company reiterated an “underweight” rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Finally, DA Davidson reissued a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $36.83.

First Interstate BancSystem Stock Down 1.7%

Shares of NASDAQ FIBK opened at $37.22 on Wednesday. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of 11.45 and a beta of 0.75. First Interstate BancSystem, Inc. has a 52 week low of $29.10 and a 52 week high of $40.60. The firm has a 50-day moving average price of $38.20 and a 200 day moving average price of $36.14. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09.

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

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. First Interstate BancSystem’s dividend payout ratio is currently 57.85%.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the sale, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This trade represents a 2.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 8.00% of the company’s stock.

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.