Cramer Rosenthal Mcglynn LLC Purchases New Shares in First Interstate BancSystem, Inc. $FIBK

Key Points

• Cramer Rosenthal Mcglynn LLC opened a new position in First Interstate BancSystem by purchasing 921,900 shares worth about $29.38 million in Q3, representing ~1.8% of that firm's holdings and leaving Cramer with a 0.88% stake in FIBK.
• First Interstate reported an EPS of $1.08 versus $0.64 expected and revenue was up 19.8% year-over-year (though below analyst revenue estimates); the company recently paid a $0.47 quarterly dividend, annualized to $1.88 for a ~5.4% yield.
• Analyst coverage is mixed with a MarketBeat consensus rating of "Hold" and an average target of $38.17; institutional investors own 88.71% of the stock, which trades at a P/E of 11.86 and a market cap of about $3.6 billion.

Cramer Rosenthal Mcglynn LLC purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 921,900 shares of the financial services provider's stock, valued at approximately $29,381,000. First Interstate BancSystem makes up approximately 1.8% of Cramer Rosenthal Mcglynn LLC's holdings, making the stock its 16th largest position. Cramer Rosenthal Mcglynn LLC owned 0.88% of First Interstate BancSystem at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FIBK. Inspire Investing LLC raised its stake in shares of First Interstate BancSystem by 5.6% in the third quarter. Inspire Investing LLC now owns 14,239 shares of the financial services provider's stock worth $454,000 after acquiring an additional 757 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of First Interstate BancSystem by 3.0% in the third quarter. Arizona State Retirement System now owns 26,369 shares of the financial services provider's stock valued at $840,000 after purchasing an additional 763 shares in the last quarter. Bayforest Capital Ltd raised its position in First Interstate BancSystem by 11.9% in the 3rd quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider's stock worth $230,000 after purchasing an additional 769 shares during the last quarter. First Horizon Corp acquired a new position in First Interstate BancSystem during the 3rd quarter worth $26,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after buying an additional 862 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

First Interstate BancSystem Stock Down 0.5%

NASDAQ:FIBK opened at $35.00 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $39.26. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 11.86 and a beta of 0.77. The stock has a 50-day moving average price of $36.68 and a two-hundred day moving average price of $33.93.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. During the same quarter last year, the firm posted $0.50 earnings per share. First Interstate BancSystem's revenue was up 19.8% compared to the same quarter last year. As a group, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.4%. First Interstate BancSystem's payout ratio is presently 63.73%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FIBK shares. Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 17th. Barclays lowered their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating for the company in a research report on Friday, January 30th. Piper Sandler upped their target price on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the company an "overweight" rating in a research report on Monday, February 2nd. Stephens lowered shares of First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a research note on Thursday, February 5th. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $38.17.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the company's stock in a transaction on Monday, January 5th. The shares were sold at an average price of $36.20, for a total value of $114,862.60. Following the completion of the transaction, the insider directly owned 937,851 shares of the company's stock, valued at approximately $33,950,206.20. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.20% of the stock is owned by company insiders.

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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