First Interstate Bancsystem Inc (FIBK) Stake Lessened by Allianz Asset Management GmbH

Allianz Asset Management GmbH decreased its position in First Interstate Bancsystem Inc (NASDAQ:FIBK) by 33.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 444,748 shares of the financial services provider’s stock after selling 228,000 shares during the period. Allianz Asset Management GmbH’s holdings in First Interstate Bancsystem were worth $19,925,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA grew its position in First Interstate Bancsystem by 14.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 532,227 shares of the financial services provider’s stock worth $22,460,000 after buying an additional 68,075 shares during the last quarter. Wells Fargo & Company MN grew its position in First Interstate Bancsystem by 42.1% in the second quarter. Wells Fargo & Company MN now owns 243,814 shares of the financial services provider’s stock worth $10,288,000 after buying an additional 72,228 shares during the last quarter. First Trust Advisors LP grew its position in First Interstate Bancsystem by 171.7% in the second quarter. First Trust Advisors LP now owns 138,328 shares of the financial services provider’s stock worth $5,837,000 after buying an additional 87,416 shares during the last quarter. Victory Capital Management Inc. grew its position in First Interstate Bancsystem by 15.9% in the second quarter. Victory Capital Management Inc. now owns 10,521 shares of the financial services provider’s stock worth $444,000 after buying an additional 1,445 shares during the last quarter. Finally, IndexIQ Advisors LLC grew its position in First Interstate Bancsystem by 8.9% in the second quarter. IndexIQ Advisors LLC now owns 55,307 shares of the financial services provider’s stock worth $2,334,000 after buying an additional 4,519 shares during the last quarter. Hedge funds and other institutional investors own 48.49% of the company’s stock.

In other news, CEO Kevin P. Riley acquired 975 shares of the stock in a transaction on Wednesday, October 31st. The shares were purchased at an average cost of $41.78 per share, for a total transaction of $40,735.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Homer A. Scott, Jr. sold 11,700 shares of First Interstate Bancsystem stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $42.84, for a total transaction of $501,228.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,700 shares of company stock worth $745,898. Corporate insiders own 40.23% of the company’s stock.

NASDAQ FIBK opened at $40.23 on Friday. First Interstate Bancsystem Inc has a twelve month low of $38.10 and a twelve month high of $47.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 1.54 and a beta of 1.08.

First Interstate Bancsystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.04). First Interstate Bancsystem had a return on equity of 10.49% and a net margin of 25.82%. The firm had revenue of $146.20 million for the quarter, compared to analysts’ expectations of $144.93 million. As a group, equities analysts expect that First Interstate Bancsystem Inc will post 2.93 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 19th. Shareholders of record on Friday, November 9th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, November 8th. First Interstate Bancsystem’s payout ratio is 55.72%.

Several research analysts have issued reports on FIBK shares. BidaskClub upgraded shares of First Interstate Bancsystem from a “hold” rating to a “buy” rating in a research report on Wednesday, November 28th. Zacks Investment Research lowered shares of First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Robert W. Baird started coverage on shares of First Interstate Bancsystem in a research report on Tuesday, October 16th. They issued an “outperform” rating and a $52.00 price target on the stock. Finally, DA Davidson lifted their price target on shares of First Interstate Bancsystem from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $48.33.

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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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