Boston Partners Purchases New Stake in First Interstate Bancsystem Inc (FIBK)

Boston Partners purchased a new position in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 100,282 shares of the financial services provider’s stock, valued at approximately $3,993,000.

A number of other large investors also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in First Interstate Bancsystem by 3.0% in the third quarter. JPMorgan Chase & Co. now owns 1,638,409 shares of the financial services provider’s stock valued at $73,401,000 after acquiring an additional 47,677 shares in the last quarter. Morgan Stanley raised its holdings in First Interstate Bancsystem by 51.0% in the third quarter. Morgan Stanley now owns 141,653 shares of the financial services provider’s stock valued at $6,345,000 after acquiring an additional 47,872 shares in the last quarter. Vanguard Group Inc. raised its holdings in First Interstate Bancsystem by 14.0% in the third quarter. Vanguard Group Inc. now owns 2,855,431 shares of the financial services provider’s stock valued at $127,924,000 after acquiring an additional 349,804 shares in the last quarter. Federated Investors Inc. PA raised its holdings in First Interstate Bancsystem by 4.2% in the third quarter. Federated Investors Inc. PA now owns 302,413 shares of the financial services provider’s stock valued at $13,548,000 after acquiring an additional 12,105 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in First Interstate Bancsystem by 5.9% in the third quarter. Legal & General Group Plc now owns 5,355 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 299 shares in the last quarter. 48.28% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have weighed in on the stock. Piper Jaffray Companies set a $47.00 price objective on shares of First Interstate Bancsystem and gave the stock a “buy” rating in a report on Tuesday, April 9th. Zacks Investment Research raised shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a report on Tuesday, March 5th. BidaskClub raised shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Robert W. Baird assumed coverage on shares of First Interstate Bancsystem in a report on Wednesday, April 10th. They set a “neutral” rating and a $42.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $45.65.

In other First Interstate Bancsystem news, Director Jonathan R. Scott sold 15,670 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $41.14, for a total transaction of $644,663.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Philip G. Gaglia sold 2,112 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $42.20, for a total transaction of $89,126.40. Following the sale, the insider now directly owns 3,184 shares in the company, valued at approximately $134,364.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,986 shares of company stock worth $826,645. 24.93% of the stock is owned by corporate insiders.

FIBK stock opened at $39.53 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.81. First Interstate Bancsystem Inc has a twelve month low of $34.61 and a twelve month high of $47.05. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 1.40 and a beta of 1.15.

First Interstate Bancsystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). First Interstate Bancsystem had a return on equity of 10.69% and a net margin of 25.84%. The company had revenue of $150.50 million for the quarter, compared to analyst estimates of $151.84 million. As a group, analysts predict that First Interstate Bancsystem Inc will post 3.12 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Monday, May 13th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, May 10th. This represents a $1.24 dividend on an annualized basis and a yield of 3.14%. This is a boost from First Interstate Bancsystem’s previous quarterly dividend of $0.20. First Interstate Bancsystem’s dividend payout ratio (DPR) is presently 42.47%.

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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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