Rhumbline Advisers Sells 6,523 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Rhumbline Advisers lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 5.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,441 shares of the financial services provider’s stock after selling 6,523 shares during the period. Rhumbline Advisers’ holdings in First Interstate BancSystem were worth $3,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Kestra Investment Management LLC grew its holdings in shares of First Interstate BancSystem by 105.1% in the fourth quarter. Kestra Investment Management LLC now owns 52,757 shares of the financial services provider’s stock valued at $1,713,000 after purchasing an additional 27,030 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of First Interstate BancSystem by 14.0% in the fourth quarter. New York State Common Retirement Fund now owns 26,866 shares of the financial services provider’s stock valued at $872,000 after purchasing an additional 3,300 shares in the last quarter. Allied Investment Advisors LLC grew its holdings in shares of First Interstate BancSystem by 32.0% in the fourth quarter. Allied Investment Advisors LLC now owns 13,480 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 3,270 shares in the last quarter. FourThought Financial Partners LLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter valued at $242,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of First Interstate BancSystem by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider’s stock valued at $35,937,000 after purchasing an additional 32,968 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Down 2.8%

Shares of FIBK opened at $26.68 on Friday. The firm has a market capitalization of $2.80 billion, a P/E ratio of 12.18 and a beta of 0.79. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average price of $26.86 and a 200-day moving average price of $29.85.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The company had revenue of $42.00 million for the quarter, compared to analysts’ expectations of $253.50 million. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. Equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were issued a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 annualized dividend and a dividend yield of 7.05%. First Interstate BancSystem’s payout ratio is currently 89.10%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FIBK. Wells Fargo & Company dropped their price objective on shares of First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Wednesday, April 9th. Wall Street Zen raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, May 10th. Finally, Barclays dropped their price objective on shares of First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $35.00.

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