IndexIQ Advisors LLC Cuts Stake in First Interstate Bancsystem Inc (FIBK)

IndexIQ Advisors LLC lowered its stake in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) by 7.5% in the fourth quarter, HoldingsChannel reports. The firm owned 53,140 shares of the financial services provider’s stock after selling 4,338 shares during the period. IndexIQ Advisors LLC’s holdings in First Interstate Bancsystem were worth $1,943,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FIBK. Clearbridge Investments LLC increased its stake in shares of First Interstate Bancsystem by 1,056,289.3% during the third quarter. Clearbridge Investments LLC now owns 792,292 shares of the financial services provider’s stock worth $35,495,000 after purchasing an additional 792,217 shares in the last quarter. FMR LLC acquired a new position in First Interstate Bancsystem during the third quarter worth about $24,003,000. Vanguard Group Inc boosted its position in First Interstate Bancsystem by 14.0% during the third quarter. Vanguard Group Inc now owns 2,855,431 shares of the financial services provider’s stock worth $127,924,000 after acquiring an additional 349,804 shares during the last quarter. Vanguard Group Inc. boosted its position in First Interstate Bancsystem by 14.0% during the third quarter. Vanguard Group Inc. now owns 2,855,431 shares of the financial services provider’s stock worth $127,924,000 after acquiring an additional 349,804 shares during the last quarter. Finally, Monarch Partners Asset Management LLC boosted its position in First Interstate Bancsystem by 314.6% during the third quarter. Monarch Partners Asset Management LLC now owns 338,435 shares of the financial services provider’s stock worth $15,162,000 after acquiring an additional 256,815 shares during the last quarter. 48.75% of the stock is owned by institutional investors and hedge funds.

FIBK opened at $39.72 on Monday. The stock has a market cap of $2.41 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.12. First Interstate Bancsystem Inc has a twelve month low of $34.61 and a twelve month high of $47.05. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 21st. Investors of record on Monday, February 11th will be given a dividend of $0.31 per share. The ex-dividend date is Friday, February 8th. This is a positive change from First Interstate Bancsystem’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a yield of 3.12%. First Interstate Bancsystem’s payout ratio is presently 42.47%.

A number of equities analysts recently weighed in on FIBK shares. Robert W. Baird started coverage on shares of First Interstate Bancsystem in a research report on Tuesday, October 16th. They set an “outperform” rating and a $52.00 price target on the stock. BidaskClub upgraded shares of First Interstate Bancsystem from a “hold” rating to a “buy” rating in a research report on Wednesday, November 28th. Zacks Investment Research lowered shares of First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research report on Tuesday, December 25th. Finally, Stephens started coverage on shares of First Interstate Bancsystem in a research report on Monday, January 14th. They set an “overweight” rating and a $37.90 price target on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.15.

In other First Interstate Bancsystem news, Director John M. Heyneman, Jr. sold 1,000 shares of the business’s stock in a transaction dated Wednesday, December 12th. The shares were sold at an average price of $41.87, for a total value of $41,870.00. Following the transaction, the director now directly owns 3,621 shares in the company, valued at approximately $151,611.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Homer A. Scott, Jr. sold 11,700 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $42.84, for a total transaction of $501,228.00. The disclosure for this sale can be found here. Insiders have sold 17,700 shares of company stock worth $745,898 over the last 90 days. 40.23% of the stock is currently owned by company insiders.

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First Interstate Bancsystem Profile

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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