Franklin Resources Inc. Has $165.04 Million Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Franklin Resources Inc. trimmed its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 6.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,328,915 shares of the financial services provider's stock after selling 385,024 shares during the quarter. Franklin Resources Inc. owned 5.10% of First Interstate BancSystem worth $165,036,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TNF LLC boosted its stake in First Interstate BancSystem by 1.5% in the third quarter. TNF LLC now owns 25,376 shares of the financial services provider's stock valued at $812,000 after acquiring an additional 367 shares during the period. Caprock Group LLC boosted its stake in First Interstate BancSystem by 1.7% in the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider's stock valued at $713,000 after acquiring an additional 422 shares during the period. Wrapmanager Inc. boosted its position in shares of First Interstate BancSystem by 5.0% during the third quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider's stock worth $275,000 after buying an additional 429 shares during the period. CWM LLC boosted its position in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock worth $87,000 after buying an additional 430 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of First Interstate BancSystem by 5.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider's stock worth $311,000 after buying an additional 507 shares during the period. 88.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FIBK. Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Barclays boosted their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an "underweight" rating in a research report on Thursday, December 5th. StockNews.com raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Thursday, November 28th. Stephens reissued an "overweight" rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Piper Sandler dropped their target price on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, First Interstate BancSystem presently has an average rating of "Hold" and an average price target of $35.17.

First Interstate BancSystem Stock Up 0.8 %

NASDAQ:FIBK traded up $0.26 during trading hours on Monday, hitting $34.34. 506,049 shares of the stock traded hands, compared to its average volume of 673,175. The firm has a 50 day moving average price of $32.79 and a 200 day moving average price of $30.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a fifty-two week low of $24.16 and a fifty-two week high of $36.77. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 14.88 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter in the previous year, the firm earned $0.70 EPS. Equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.47%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem's dividend payout ratio is presently 82.46%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now owns 75,387 shares of the company's stock, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,837 shares of company stock worth $1,839,583. Corporate insiders own 6.90% of the company's stock.

First Interstate BancSystem Company 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.