Russell Investments Group Ltd. Reduces Holdings in First Interstate Bancsystem Inc (FIBK)

Russell Investments Group Ltd. trimmed its position in First Interstate Bancsystem Inc (NASDAQ:FIBK) by 25.1% during the 3rd quarter, Holdings Channel reports. The firm owned 30,339 shares of the financial services provider’s stock after selling 10,158 shares during the period. Russell Investments Group Ltd.’s holdings in First Interstate Bancsystem were worth $1,359,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the business. Macquarie Group Ltd. boosted its position in First Interstate Bancsystem by 9.7% in the second quarter. Macquarie Group Ltd. now owns 2,740,156 shares of the financial services provider’s stock worth $115,634,000 after purchasing an additional 241,717 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of First Interstate Bancsystem by 3.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,525,997 shares of the financial services provider’s stock valued at $106,597,000 after buying an additional 87,106 shares in the last quarter. BlackRock Inc. lifted its position in shares of First Interstate Bancsystem by 22.5% during the 2nd quarter. BlackRock Inc. now owns 2,055,836 shares of the financial services provider’s stock valued at $86,756,000 after buying an additional 377,376 shares in the last quarter. Millennium Management LLC lifted its position in shares of First Interstate Bancsystem by 17.5% during the 2nd quarter. Millennium Management LLC now owns 1,087,515 shares of the financial services provider’s stock valued at $45,893,000 after buying an additional 161,679 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of First Interstate Bancsystem by 14.7% during the 2nd 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 in the last quarter. 48.49% of the stock is currently owned by institutional investors and hedge funds.

FIBK stock opened at $40.16 on Friday. First Interstate Bancsystem Inc has a twelve month low of $38.10 and a twelve month high of $47.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $2.44 billion, a PE ratio of 14.68, a P/E/G ratio of 1.53 and a beta of 1.08.

First Interstate Bancsystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.71 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.04). First Interstate Bancsystem had a net margin of 25.82% and a return on equity of 10.49%. The company had revenue of $146.20 million for the quarter, compared to analysts’ expectations of $144.93 million. As a group, equities analysts forecast that First Interstate Bancsystem Inc will post 2.93 earnings per share for the current fiscal year.

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.79%. First Interstate Bancsystem’s dividend payout ratio is presently 55.72%.

In related news, major shareholder Homer A. Scott, Jr. sold 11,700 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $42.84, for a total value of $501,228.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John M. Heyneman, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $41.87, for a total value of $41,870.00. Following the completion of the transaction, the director now directly owns 3,621 shares in the company, valued at $151,611.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,700 shares of company stock worth $745,898. 40.23% of the stock is owned by insiders.

A number of research firms have recently weighed in on FIBK. DA Davidson lifted their price objective on First Interstate Bancsystem from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, October 12th. Robert W. Baird began coverage on First Interstate Bancsystem in a research report on Tuesday, October 16th. They set an “outperform” rating and a $52.00 price objective on the stock. BidaskClub raised First Interstate Bancsystem from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 17th. Finally, Zacks Investment Research cut First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $48.33.

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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.

See Also: Ex-Dividend

Want to see what other hedge funds are holding FIBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Interstate Bancsystem Inc (NASDAQ:FIBK).

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

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