First Interstate BancSystem, Inc. $FIBK Shares Sold by First Interstate Bank

Key Points

• First Interstate Bank trimmed its Q4 stake in First Interstate BancSystem by 0.6% (sold 28,936 shares) but still holds 4,665,282 shares—4.53% of the company worth $161.42M—and the stock remains its largest position (~8.7% of the bank's holdings).
• Q4 results showed an EPS beat of $1.08 vs. $0.64 consensus and revenue rose 19.8% YoY to $205.1M, although revenue missed analysts' $256.9M expectation.
• The company pays a quarterly dividend of $0.47 ($1.88 annual, 5.4% yield) with a 63.7% payout ratio, while analyst sentiment is mixed—consensus is "Hold" with an average target of $38 and several recent price-target cuts/downgrades.

First Interstate Bank cut its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 0.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 4,665,282 shares of the financial services provider's stock after selling 28,936 shares during the period. First Interstate BancSystem accounts for about 8.7% of First Interstate Bank's holdings, making the stock its biggest position. First Interstate Bank owned 4.53% of First Interstate BancSystem worth $161,419,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of First Interstate BancSystem by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider's stock valued at $175,140,000 after buying an additional 78,835 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $2,115,000. HoldCo Asset Management LP grew its stake in shares of First Interstate BancSystem by 10.6% during the 3rd quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider's stock valued at $125,890,000 after buying an additional 380,000 shares during the period. Cambria Investment Management L.P. purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $9,083,000. Finally, Vestmark Advisory Solutions Inc. purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at $895,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Down 0.0%

Shares of First Interstate BancSystem stock opened at $34.85 on Friday. The company has a fifty day moving average price of $34.37 and a 200 day moving average price of $34.30. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a twelve month low of $24.76 and a twelve month high of $39.26. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 11.81 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm had revenue of $205.10 million during the quarter, compared to analysts' expectations of $256.89 million. During the same period in the prior year, the company earned $0.50 EPS. The firm's revenue was up 19.8% on a year-over-year basis. Equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.71 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FIBK. Barclays lowered their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating for the company in a research note on Friday, January 30th. UBS Group cut shares of First Interstate BancSystem from a "neutral" rating to a "sell" rating and lowered their price objective for the company from $38.00 to $35.00 in a research note on Tuesday, April 7th. Piper Sandler decreased their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, April 2nd. Keefe, Bruyette & Woods decreased their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "outperform" rating for the company in a research report on Thursday, April 9th. Finally, Wall Street Zen cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Saturday. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $38.00.

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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