Bank of New York Mellon Corp Makes New Investment in First Interstate BancSystem, Inc. $FIBK

Key Points

• Bank of New York Mellon acquired 1,002,675 shares of First Interstate BancSystem in the second quarter, valued at approximately $38.7 million and representing a 1.03% stake. Institutional investors collectively own 88.71% of the company.
• First Interstate BancSystem exceeded quarterly earnings expectations, reporting $0.87 EPS versus the $0.69 consensus estimate and revenue of $263.9 million, up 6.4% year over year.
• The company pays an annualized dividend of $1.88 per share, yielding approximately 5.1%. However, analyst sentiment remains cautious, with a consensus “Reduce” rating and a $36.83 price target compared with the stock’s $37.04 opening price.

Bank of New York Mellon Corp acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,002,675 shares of the financial services provider's stock, valued at approximately $38,663,000. Bank of New York Mellon Corp owned 1.03% of First Interstate BancSystem as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of FIBK. Northern Capital Management Inc. lifted its holdings in shares of First Interstate BancSystem by 0.5% in the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider's stock worth $1,803,000 after purchasing an additional 275 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in First Interstate BancSystem by 17.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock worth $70,000 after buying an additional 315 shares during the last quarter. HighTower Advisors LLC raised its holdings in First Interstate BancSystem by 2.7% during the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider's stock worth $491,000 after buying an additional 375 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of First Interstate BancSystem by 0.4% in the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock valued at $3,461,000 after buying an additional 397 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem in the fourth quarter valued at $25,000. Institutional investors own 88.71% of the company's stock.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the firm's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares in the company, valued at $31,286,625.12. This trade represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares of the company's stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,392 shares of company stock worth $1,161,552 in the last three months. 8.00% of the stock is currently owned by insiders.

First Interstate BancSystem Stock Down 0.6%

FIBK opened at $37.04 on Friday. First Interstate BancSystem, Inc. has a 12 month low of $29.10 and a 12 month high of $40.60. The company has a market cap of $3.53 billion, a PE ratio of 11.40 and a beta of 0.76. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $38.30 and a 200 day moving average of $36.18.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. During the same quarter in the prior year, the business posted $0.69 earnings per share. The business's quarterly revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.1%. First Interstate BancSystem's dividend payout ratio is 57.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. DA Davidson reissued a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Barclays lowered First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. UBS Group lifted their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research report on Friday, May 1st. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen raised First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, First Interstate BancSystem currently has a consensus rating of "Reduce" and a consensus price target of $36.83.

About First Interstate BancSystem

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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