Allianz Asset Management GmbH Sells 228,000 Shares of First Interstate Bancsystem Inc (FIBK)

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Allianz Asset Management GmbH cut its holdings in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) by 33.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 444,748 shares of the financial services provider’s stock after selling 228,000 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.78% of First Interstate Bancsystem worth $19,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FIBK. Macquarie Group Ltd. lifted its holdings in shares of First Interstate Bancsystem by 9.7% in the second quarter. Macquarie Group Ltd. now owns 2,740,156 shares of the financial services provider’s stock worth $115,634,000 after buying an additional 241,717 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of First Interstate Bancsystem by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 2,567,209 shares of the financial services provider’s stock worth $115,012,000 after buying an additional 41,212 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of First Interstate Bancsystem by 5.9% in the third quarter. BlackRock Inc. now owns 2,176,893 shares of the financial services provider’s stock worth $97,525,000 after buying an additional 121,057 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of First Interstate Bancsystem by 3.0% in the third quarter. JPMorgan Chase & Co. now owns 1,638,409 shares of the financial services provider’s stock worth $73,401,000 after buying an additional 47,677 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of First Interstate Bancsystem by 17.5% in the second quarter. Millennium Management LLC now owns 1,087,515 shares of the financial services provider’s stock worth $45,893,000 after buying an additional 161,679 shares in the last quarter. 48.49% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Kevin P. Riley acquired 975 shares of the firm’s stock in a transaction that occurred on Wednesday, October 31st. The shares were bought at an average cost of $41.78 per share, for a total transaction of $40,735.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Homer A. Scott, Jr. sold 11,700 shares of the company’s 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 90 days, insiders sold 17,700 shares of company stock worth $745,898. 40.23% of the stock is owned by company insiders.

FIBK stock opened at $40.23 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.45 billion, a P/E ratio of 20.01, a P/E/G ratio of 1.54 and a beta of 1.08. First Interstate Bancsystem Inc has a 1-year low of $38.10 and a 1-year high of $47.05.

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 Thomson Reuters’ consensus estimate of $0.75 by ($0.04). The company had revenue of $146.20 million during the quarter, compared to the consensus estimate of $144.93 million. First Interstate Bancsystem had a return on equity of 10.49% and a net margin of 25.82%. As a group, sell-side analysts predict that First Interstate Bancsystem Inc will post 2.93 earnings per share for the current year.

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

Several research firms recently weighed in on FIBK. BidaskClub upgraded shares of First Interstate Bancsystem from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 7th. Robert W. Baird began 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 objective on the stock. Zacks Investment Research cut shares of First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Finally, DA Davidson upped their price objective 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 research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target 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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