14,510 First Interstate BancSystem, Inc. $FIBK Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake 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 & Exchange Commission. The firm 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 SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in First Interstate BancSystem in the 2nd quarter worth $529,533,000. Bank of America Corp DE acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $56,386,000. Bank of New York Mellon Corp acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $38,663,000. First Trust Advisors LP raised its stake in shares of First Interstate BancSystem by 214.9% in the 1st quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider’s stock valued at $39,998,000 after purchasing an additional 817,235 shares during the period. Finally, Punch & Associates Investment Management Inc. acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $30,000,000. 88.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Barclays boosted their price target on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a report on Monday, October 5th. Wells Fargo & Company reiterated an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Wall Street Zen lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reissued a “buy (b)” rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. Finally, DA Davidson restated a “neutral” rating and issued a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $37.00.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 16,929 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $30,579,707.27. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 2,700 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the sale, the insider owned 484,309 shares in the company, valued at $18,229,390.76. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,700 shares of company stock valued at $1,213,976 in the last 90 days. 8.00% of the stock is owned by corporate insiders.

Key Headlines Impacting First Interstate BancSystem

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

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $36.78 on Friday. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 11.46 and a beta of 0.73. First Interstate BancSystem, Inc. has a 12 month low of $29.39 and a 12 month high of $40.60. The firm has a fifty day simple moving average of $36.50 and a 200 day simple moving average of $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.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $247.93 million. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.88 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

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

First Interstate BancSystem 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.