Allianz Asset Management GmbH reduced its stake in First Interstate Bancsystem Inc (NASDAQ:FIBK) by 17.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 461,656 shares of the financial services provider’s stock after selling 97,292 shares during the quarter. Allianz Asset Management GmbH owned about 0.82% of First Interstate Bancsystem worth $17,658,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Mutual of America Capital Management LLC raised its position in shares of First Interstate Bancsystem by 1.8% in the 3rd quarter. Mutual of America Capital Management LLC now owns 180,609 shares of the financial services provider’s stock valued at $6,908,000 after purchasing an additional 3,196 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of First Interstate Bancsystem in the 2nd quarter valued at approximately $213,000. CS Mckee LP purchased a new position in shares of First Interstate Bancsystem in the 2nd quarter valued at approximately $958,000. Kennedy Capital Management Inc. purchased a new position in shares of First Interstate Bancsystem in the 2nd quarter valued at approximately $2,020,000. Finally, LSV Asset Management raised its position in shares of First Interstate Bancsystem by 13.2% in the 2nd quarter. LSV Asset Management now owns 618,585 shares of the financial services provider’s stock valued at $23,011,000 after purchasing an additional 71,900 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.
In other First Interstate Bancsystem news, Director Ross E. Leckie sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $39.61, for a total transaction of $79,220.00. Following the completion of the transaction, the director now directly owns 21,028 shares of the company’s stock, valued at approximately $832,919.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Homer A. Scott, Jr. sold 9,400 shares of the firm’s stock in a transaction that occurred on Saturday, December 2nd. The stock was sold at an average price of $38.38, for a total transaction of $360,772.00. The disclosure for this sale can be found here. Insiders have sold a total of 115,025 shares of company stock valued at $4,258,659 over the last three months. 38.22% of the stock is currently owned by insiders.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Monday, October 30th. First Interstate Bancsystem’s dividend payout ratio is presently 48.00%.
Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of First Interstate Bancsystem from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Wednesday, November 1st. ValuEngine lowered shares of First Interstate Bancsystem from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Barclays set a $43.00 price target on shares of First Interstate Bancsystem and gave the stock a “buy” rating in a research report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. First Interstate Bancsystem has an average rating of “Hold” and an average price target of $43.25.
About First Interstate Bancsystem
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
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