Capital International Investors Purchases Shares of 2,673,512 First Interstate BancSystem, Inc. $FIBK

Key Points

• Capital International Investors bought a new stake in First Interstate BancSystem, acquiring 2,673,512 shares valued at about $92.5 million, or roughly 2.6% of the company.
• The bank reported Q1 earnings of $0.61 per share, slightly ahead of analysts’ expectations, and management/analysts still expect full-year EPS of 2.66.
• First Interstate BancSystem paid a quarterly dividend of $0.47 per share, equal to an annualized yield of about 5.3%, while insider Jonathan R. Scott also sold a portion of his holdings.

Capital International Investors purchased a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,673,512 shares of the financial services provider's stock, valued at approximately $92,504,000. Capital International Investors owned approximately 2.60% of First Interstate BancSystem as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of First Interstate BancSystem by 37.2% in the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock worth $1,926,000 after buying an additional 18,210 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of First Interstate BancSystem by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock worth $1,353,000 after buying an additional 2,070 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of First Interstate BancSystem in the first quarter worth about $238,000. Jones Financial Companies Lllp increased its holdings in shares of First Interstate BancSystem by 24,352.5% in the first quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock worth $708,000 after buying an additional 24,596 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of First Interstate BancSystem in the first quarter worth about $5,125,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $35.57 on Tuesday. First Interstate BancSystem, Inc. has a 1 year low of $25.81 and a 1 year high of $39.26. The company has a market cap of $3.46 billion, a PE ratio of 11.59 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The stock's 50-day moving average is $34.71 and its 200 day moving average is $35.12.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem's payout ratio is presently 61.24%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FIBK shares. Piper Sandler decreased their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. UBS Group boosted their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a report on Friday, May 1st. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Saturday. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 15th. Finally, Wells Fargo & Company boosted their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem has an average rating of "Hold" and an average target price of $37.00.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the sale, the insider directly owned 866,628 shares of the company's stock, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.00% of the company's stock.

First Interstate BancSystem 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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