Bessemer Group Inc. Acquires 54,765 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Bessemer Group Inc. increased its stake in First Interstate BancSystem by 60.1% in the first quarter, buying 54,765 additional shares and bringing its total holdings to 145,853 shares worth about $4.87 million.
• First Interstate BancSystem shares were down 1.6% to $38.55, while the company reported quarterly EPS of $0.61, narrowly topping estimates. It also maintains a 4.9% annualized dividend yield.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $37.33. Recent insider sales also included shares sold by major shareholders Julie A. Scott and Jonathan R. Scott.

Bessemer Group Inc. lifted its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 60.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,853 shares of the financial services provider's stock after buying an additional 54,765 shares during the quarter. Bessemer Group Inc. owned about 0.14% of First Interstate BancSystem worth $4,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in First Interstate BancSystem by 13.7% in the fourth 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. Wellington Management Group LLP grew its holdings in First Interstate BancSystem by 20.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider's stock worth $188,525,000 after acquiring an additional 1,003,021 shares during the period. State Street Corp raised its position in shares of First Interstate BancSystem by 29.7% during 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 acquiring an additional 1,254,321 shares during the last quarter. Capital International Investors bought a new stake in shares of First Interstate BancSystem during the 4th quarter valued at $92,504,000. Finally, Victory Capital Management Inc. lifted its stake in shares of First Interstate BancSystem by 4.4% in the 4th quarter. Victory Capital Management Inc. now owns 2,076,339 shares of the financial services provider's stock valued at $71,841,000 after purchasing an additional 87,136 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Trading Down 1.6%

Shares of NASDAQ FIBK opened at $38.55 on Tuesday. The company's fifty day moving average is $36.84 and its 200-day moving average is $35.93. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 12.56 and a beta of 0.76. First Interstate BancSystem, Inc. has a twelve month low of $27.60 and a twelve month high of $40.60. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The business had revenue of $5.10 million during the quarter, compared to analysts' expectations 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 quarter in the prior year, the company earned $0.49 EPS. Equities research analysts predict that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem's payout ratio is presently 61.24%.

Insider Activity

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jonathan R. Scott sold 4,500 shares of First Interstate BancSystem stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following 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 disclosure for this sale is available in the SEC filing. Insiders sold 32,392 shares of company stock valued at $1,161,552 over the last 90 days. Corporate insiders own 8.00% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on FIBK. Piper Sandler reduced their price target on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, April 2nd. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Monday, June 22nd. UBS Group increased their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research note on Friday, May 1st. DA Davidson cut First Interstate BancSystem from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Finally, Barclays boosted their target price on First Interstate BancSystem from $36.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $37.33.

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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