Empower Advisory Group LLC Cuts Stock Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Empower Advisory Group LLC cut its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 94.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,161 shares of the financial services provider's stock after selling 438,526 shares during the period. Empower Advisory Group LLC's holdings in First Interstate BancSystem were worth $914,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Rhumbline Advisers lifted its stake in First Interstate BancSystem by 1.4% in the fourth quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider's stock worth $4,220,000 after purchasing an additional 1,785 shares during the last quarter. Jennison Associates LLC lifted its stake in First Interstate BancSystem by 73.9% in the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after purchasing an additional 654,688 shares during the last quarter. KBC Group NV lifted its stake in First Interstate BancSystem by 34.1% in the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider's stock worth $130,000 after purchasing an additional 1,022 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in First Interstate BancSystem by 38.8% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 14,065 shares of the financial services provider's stock worth $457,000 after purchasing an additional 3,929 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in First Interstate BancSystem by 37,734.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider's stock worth $4,595,000 after purchasing an additional 141,128 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Price Performance

FIBK stock traded down $1.04 during trading on Friday, hitting $31.13. 462,420 shares of the company's stock traded hands, compared to its average volume of 574,765. The business has a fifty day simple moving average of $32.51 and a 200 day simple moving average of $31.73. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 14.22 and a beta of 0.85. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem, Inc. has a 52 week low of $24.16 and a 52 week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.85%.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the sale, the director now directly owns 1,414,886 shares in the company, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on FIBK. DA Davidson restated a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Keefe, Bruyette & Woods boosted their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Stephens dropped their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Barclays upped their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an "underweight" rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company upped their target price on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the stock an "underweight" rating in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem currently has an average rating of "Hold" and a consensus target price of $36.14.

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.