Victory Capital Management Inc. Sells 27,030 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Victory Capital Management Inc. reduced its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 8.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 309,924 shares of the financial services provider's stock after selling 27,030 shares during the period. Victory Capital Management Inc. owned 0.30% of First Interstate BancSystem worth $9,508,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FIBK. CWM LLC lifted its holdings in First Interstate BancSystem by 16.0% in the 2nd 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. Innealta Capital LLC bought a new stake in First Interstate BancSystem during the 2nd quarter valued at approximately $106,000. nVerses Capital LLC lifted its stake in shares of First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider's stock valued at $114,000 after purchasing an additional 3,300 shares during the period. Telos Capital Management Inc. purchased a new position in shares of First Interstate BancSystem in the 3rd quarter valued at approximately $201,000. Finally, Washington Trust Bank bought a new stake in shares of First Interstate BancSystem during the second quarter valued at approximately $204,000. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Stock Up 1.7 %

FIBK traded up $0.56 during trading on Friday, hitting $34.39. 621,693 shares of the company's stock traded hands, compared to its average volume of 671,966. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 14.89 and a beta of 0.81. The company's 50 day simple moving average is $31.42 and its two-hundred day simple moving average is $29.46. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $34.61. 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 (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data 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 return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the company earned $0.70 earnings per share. Analysts predict that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 5.47%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem's dividend payout ratio is currently 82.46%.

Wall Street Analysts Forecast Growth

FIBK has been the subject of several recent research reports. Keefe, Bruyette & Woods raised their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a "market perform" rating in a research report on Monday, July 29th. Barclays lowered shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Stephens reissued an "overweight" rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, DA Davidson raised their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the company a "neutral" rating in a research report on Monday, July 29th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $32.50.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the business's stock in a transaction dated Wednesday, November 13th. The stock was 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. The trade was a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Julie A. Scott sold 22,050 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the completion of the transaction, the insider now owns 613,019 shares in the company, valued at $20,720,042.20. This trade represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,770 shares of company stock valued at $1,630,272. Company insiders own 6.90% of the company's stock.

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