BlackRock Inc. Grows Stake in First Interstate Bancsystem Inc (FIBK)

BlackRock Inc. lifted its stake in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) by 22.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 2,055,836 shares of the financial services provider’s stock after acquiring an additional 377,376 shares during the quarter. BlackRock Inc.’s holdings in First Interstate Bancsystem were worth $86,756,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of First Interstate Bancsystem during the 1st quarter worth $107,000. Envestnet Asset Management Inc. boosted its stake in shares of First Interstate Bancsystem by 68.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,507 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 1,829 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of First Interstate Bancsystem during the 1st quarter worth $223,000. Koch Industries Inc. bought a new stake in shares of First Interstate Bancsystem during the 1st quarter worth $233,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of First Interstate Bancsystem during the 1st quarter worth $301,000. 49.94% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on FIBK shares. Zacks Investment Research raised First Interstate Bancsystem from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Monday, July 30th. Barclays reissued a “buy” rating and set a $48.00 price objective on shares of First Interstate Bancsystem in a research note on Sunday, July 29th. BidaskClub lowered First Interstate Bancsystem from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 30th. Finally, ValuEngine cut First Interstate Bancsystem from a “buy” rating to a “hold” rating in a research report on Monday, June 11th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. First Interstate Bancsystem presently has a consensus rating of “Buy” and a consensus price target of $47.00.

Shares of First Interstate Bancsystem stock opened at $45.45 on Monday. The firm has a market capitalization of $2.54 billion, a PE ratio of 22.61, a price-to-earnings-growth ratio of 1.67 and a beta of 1.10. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.07. First Interstate Bancsystem Inc has a 12 month low of $36.00 and a 12 month high of $47.05.

First Interstate Bancsystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, July 25th. The financial services provider reported $0.74 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. The business had revenue of $141.40 million during the quarter, compared to analysts’ expectations of $139.12 million. First Interstate Bancsystem had a return on equity of 10.35% and a net margin of 23.86%. As a group, analysts predict that First Interstate Bancsystem Inc will post 2.99 earnings per share for the current fiscal year.

In other news, Director John M. Heyneman, Jr. sold 1,000 shares of the firm’s stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $41.87, for a total value of $41,870.00. Following the completion of the sale, the director now owns 3,621 shares of the company’s stock, valued at $151,611.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John M. Heyneman, Jr. sold 2,000 shares of the firm’s stock in a transaction on Sunday, November 25th. The stock was sold at an average price of $37.35, for a total value of $74,700.00. Following the completion of the sale, the director now directly owns 3,621 shares of the company’s stock, valued at approximately $135,244.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,000 shares of company stock valued at $300,210. 40.23% of the stock is currently owned by insiders.

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. 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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