Aristotle Capital Boston LLC Has $16.71 Million Holdings in First Interstate BancSystem, Inc. $FIBK

Key Points

• Aristotle Capital Boston LLC trimmed its stake in First Interstate BancSystem by 9.3% in the fourth quarter, though it still held 483,036 shares valued at about $16.7 million.
• Institutional ownership remains heavy, with hedge funds and other large investors owning 88.71% of the company; several firms, including Vanguard and State Street, increased their positions during the quarter.
• First Interstate BancSystem reported mixed fundamentals: quarterly EPS beat estimates slightly at $0.61, the stock traded around $35.64, and the company continues to pay a quarterly dividend yielding about 5.3% annually.

Aristotle Capital Boston LLC lowered its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 9.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 483,036 shares of the financial services provider's stock after selling 49,373 shares during the quarter. Aristotle Capital Boston LLC owned 0.47% of First Interstate BancSystem worth $16,713,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FIBK. Capital International Investors acquired a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $92,504,000. State Street Corp increased its stake in First Interstate BancSystem by 29.7% in the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider's stock valued at $189,686,000 after buying an additional 1,254,321 shares during the period. Vanguard Group Inc. increased its stake in First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider's stock valued at $347,675,000 after buying an additional 1,214,454 shares during the period. Azora Capital LP increased its stake in First Interstate BancSystem by 1,538.7% in the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider's stock valued at $40,656,000 after buying an additional 1,197,843 shares during the period. Finally, North Reef Capital Management LP increased its stake in First Interstate BancSystem by 132.4% in the 4th quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider's stock valued at $68,335,000 after buying an additional 1,124,999 shares during the period. Institutional investors and hedge funds own 88.71% of the company's stock.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares in the company, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 8.00% of the company's stock.

First Interstate BancSystem Stock Performance

FIBK stock opened at $35.64 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 11.61 and a beta of 0.76. First Interstate BancSystem, Inc. has a 12 month low of $25.81 and a 12 month high of $39.26. The firm has a 50 day moving average of $35.13 and a two-hundred day moving average of $35.34.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $5.10 million during the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the previous year, the firm posted $0.49 earnings per share. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were paid a $0.47 dividend. The ex-dividend date was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 5.3%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 61.24%.

Wall Street Analyst Weigh In

FIBK has been the topic of several research reports. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Saturday, June 6th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Weiss Ratings lowered shares of First Interstate BancSystem from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday. Piper Sandler decreased their target price on shares of First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, April 2nd. Finally, DA Davidson downgraded shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $41.00 to $39.00 in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $37.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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