First Interstate BancSystem, Inc. $FIBK Shares Bought by HoldCo Asset Management LP

Key Points

• HoldCo Asset Management LP increased its stake in First Interstate BancSystem by 10.6% in Q3 to 3,950,107 shares (about 3.84% of the company, ~$125.9M), making the stock its third-largest position; institutional investors hold 88.71% of the shares.
• First Interstate beat EPS expectations with $1.08 per share (vs. $0.64 est.) while revenue missed at $205.1M but rose 19.8% year-over-year; the quarter showed an 8.83% ROE and a 21.4% net margin.
• The company pays a quarterly dividend of $0.47 (annualized $1.88, 5.7% yield) and has a consensus analyst rating of "Hold" with a $38.17 average price target; the stock trades at a PE of 11.23 and a market cap of ~$3.41B.

HoldCo Asset Management LP grew its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 10.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,950,107 shares of the financial services provider's stock after purchasing an additional 380,000 shares during the quarter. First Interstate BancSystem makes up about 13.3% of HoldCo Asset Management LP's investment portfolio, making the stock its 3rd biggest position. HoldCo Asset Management LP owned 3.84% of First Interstate BancSystem worth $125,890,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FIBK. AQR Capital Management LLC increased its stake in 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 valued at $1,926,000 after purchasing an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in First Interstate BancSystem by 4.6% during 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 acquired a new stake in First Interstate BancSystem in the 1st quarter worth about $238,000. Jones Financial Companies Lllp boosted its stake in First Interstate BancSystem by 24,352.5% in the 1st 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 last quarter. Finally, Jane Street Group LLC purchased a new stake in First Interstate BancSystem in the 1st quarter valued at about $5,125,000. Institutional investors and hedge funds own 88.71% of the company's stock.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $33.13 on Monday. The business has a 50-day moving average of $36.50 and a two-hundred day moving average of $34.08. The firm has a market capitalization of $3.41 billion, a PE ratio of 11.23 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. First Interstate BancSystem, Inc. has a 12 month low of $22.95 and a 12 month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. During the same period in the previous year, the company posted $0.50 EPS. The company's revenue was up 19.8% compared to the same quarter last year. As a group, research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem's payout ratio is 63.73%.

Analysts Set New Price Targets

A number of research firms have recently commented on FIBK. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Keefe, Bruyette & Woods raised their target price on shares of 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 target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating for the company in a report on Friday, January 30th. DA Davidson reaffirmed a "buy" rating and set a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Finally, UBS Group reaffirmed a "neutral" rating and set a $38.00 price target on shares of First Interstate BancSystem in a research note on Wednesday, February 4th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $38.17.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 1,827 shares of the business's stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the completion of the sale, the insider directly owned 936,024 shares in the company, valued at $34,558,006.08. The trade was a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.20% of the stock is currently owned by corporate insiders.

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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