Principal Financial Group Inc. Trims Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Principal Financial Group Inc. lessened its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 431,079 shares of the financial services provider’s stock after selling 1,408 shares during the quarter. Principal Financial Group Inc. owned 0.41% of First Interstate BancSystem worth $10,277,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FIBK. Lindbrook Capital LLC lifted its position in First Interstate BancSystem by 94.6% during the second quarter. Lindbrook Capital LLC now owns 1,043 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 507 shares during the period. CWM LLC lifted its holdings in shares of First Interstate BancSystem by 129.7% in the 2nd quarter. CWM LLC now owns 1,631 shares of the financial services provider’s stock valued at $39,000 after buying an additional 921 shares during the period. Signaturefd LLC lifted its holdings in shares of First Interstate BancSystem by 30.8% in the 1st quarter. Signaturefd LLC now owns 2,061 shares of the financial services provider’s stock valued at $62,000 after buying an additional 485 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of First Interstate BancSystem by 263.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock worth $77,000 after buying an additional 1,508 shares during the last quarter. Finally, ICA Group Wealth Management LLC acquired a new stake in First Interstate BancSystem during the fourth quarter worth about $93,000. 78.62% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Performance

FIBK opened at $25.73 on Tuesday. The firm’s fifty day simple moving average is $24.20 and its two-hundred day simple moving average is $24.87. First Interstate BancSystem, Inc. has a 52-week low of $20.81 and a 52-week high of $44.71. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 9.49 and a beta of 0.87. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. First Interstate BancSystem had a net margin of 20.07% and a return on equity of 9.22%. The firm had revenue of $255.70 million for the quarter, compared to analyst estimates of $258.97 million. During the same period last year, the company posted $1.01 EPS. Equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.6 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 6th were issued a $0.47 dividend. The ex-dividend date was Friday, November 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 7.31%. First Interstate BancSystem’s payout ratio is currently 69.37%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FIBK shares. StockNews.com started coverage on First Interstate BancSystem in a research report on Thursday, October 5th. They issued a “sell” rating on the stock. Wells Fargo & Company restated an “equal weight” rating on shares of First Interstate BancSystem in a research report on Wednesday, October 4th. Finally, Piper Sandler decreased their price objective on shares of First Interstate BancSystem from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.00.

Insiders Place Their Bets

In other news, major shareholder Julie A. Scott sold 8,072 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $24.96, for a total value of $201,477.12. Following the completion of the sale, the insider now directly owns 1,215,028 shares in the company, valued at $30,327,098.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Jonathan R. Scott sold 44,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $24.87, for a total transaction of $1,094,280.00. Following the transaction, the director now directly owns 1,051,162 shares in the company, valued at approximately $26,142,398.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 8,072 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $24.96, for a total value of $201,477.12. Following the completion of the sale, the insider now directly owns 1,215,028 shares of the company’s stock, valued at approximately $30,327,098.88. The disclosure for this sale can be found here. Insiders have sold a total of 85,472 shares of company stock valued at $2,110,447 in the last 90 days. 6.80% of the stock is owned by insiders.

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