Naples Global Advisors LLC Sells 1,050 Shares of First Interstate BancSystem, Inc. $FIBK

Naples Global Advisors LLC cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 11.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,460 shares of the financial services provider’s stock after selling 1,050 shares during the quarter. Naples Global Advisors LLC’s holdings in First Interstate BancSystem were worth $244,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. JNBA Financial Advisors bought a new stake in shares of First Interstate BancSystem in the first quarter worth approximately $29,000. GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 186.5% in the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 647 shares during the period. Quarry LP grew its stake in shares of First Interstate BancSystem by 63.8% in the first quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 450 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of First Interstate BancSystem by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider’s stock worth $139,000 after acquiring an additional 4,494 shares during the period. Finally, KBC Group NV grew its stake in shares of First Interstate BancSystem by 26.4% in the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 1,061 shares during the period. 88.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the transaction, the insider owned 529,256 shares of the company’s stock, valued at approximately $14,745,072.16. The trade was a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total transaction of $356,667.24. Following the completion of the transaction, the director directly owned 5,224 shares in the company, valued at $157,660.32. This trade represents a 69.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 131,818 shares of company stock worth $3,915,917 in the last three months. Insiders own 8.20% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $31.89 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The company has a market capitalization of $3.34 billion, a P/E ratio of 14.36 and a beta of 0.79. The firm’s 50 day simple moving average is $31.36 and its two-hundred day simple moving average is $29.04.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The business had revenue of $248.30 million for the quarter, compared to the consensus estimate of $253.73 million. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. Research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem’s payout ratio is 84.68%.

Analyst Upgrades and Downgrades

FIBK has been the subject of several recent research reports. Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Saturday, September 27th. Wall Street Zen lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Monday, August 11th. DA Davidson boosted their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Barclays upgraded shares of First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Monday. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $35.14.

First Interstate BancSystem Company 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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.