First Interstate BancSystem, Inc. $FIBK Stock Holdings Reduced by Leeward Investments LLC MA

Key Points

• Leeward Investments reduced its First Interstate BancSystem stake by 5.6% in the third quarter, selling 34,839 shares and retaining 583,577 shares valued at approximately $20.9 million. Institutional investors collectively own 88.71% of the company.
• First Interstate reported quarterly EPS of $0.65, missing the $0.68 consensus estimate, although revenue of $249.5 million exceeded expectations. Net income declined year over year, while analysts expect full-year EPS of $2.88.
• The company declared a quarterly dividend of $0.47 per share, representing an annualized payout of $1.88 and a yield of about 5.1%. Analysts maintain a generally cautious outlook, with a consensus rating of “Reduce” and a $37 average price target.

Leeward Investments LLC MA cut its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 5.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 583,577 shares of the financial services provider's stock after selling 34,839 shares during the period. First Interstate BancSystem accounts for about 1.0% of Leeward Investments LLC MA's portfolio, making the stock its 27th largest position. Leeward Investments LLC MA owned about 0.61% of First Interstate BancSystem worth $20,857,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of First Interstate BancSystem in the second quarter worth $26,000. Root Financial Partners LLC acquired a new position in shares of First Interstate BancSystem in the 3rd quarter valued at $25,000. Allworth Financial LP acquired a new position in shares of First Interstate BancSystem in the 2nd quarter valued at $62,000. Public Employees Retirement System of Ohio acquired a new position in shares of First Interstate BancSystem in the 2nd quarter valued at $65,000. Finally, SJS Investment Consulting Inc. raised its stake in First Interstate BancSystem by 15,876.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider's stock worth $69,000 after acquiring an additional 2,064 shares during the last quarter. 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 $36.78 on Monday. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 11.46 and a beta of 0.73. First Interstate BancSystem, Inc. has a 12 month low of $29.39 and a 12 month high of $40.60. The firm's 50 day simple moving average is $36.50 and its 200-day simple moving average is $36.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.03). First Interstate BancSystem had a return on equity of 9.49% and a net margin of 29.18%. The firm had revenue of $249.50 million for the quarter, compared to analysts' expectations of $247.93 million. Analysts expect that First Interstate BancSystem, Inc. will post 2.88 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, November 3rd will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. First Interstate BancSystem's payout ratio is currently 58.57%.

Key Stories Impacting First Interstate BancSystem

Here are the key news stories impacting First Interstate BancSystem this week:

• Positive Sentiment: First Interstate declared a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a yield of approximately 5.2%. The dividend supports the stock’s income appeal. First Interstate dividend information
• Positive Sentiment: Third-quarter revenue totaled $249.5 million, slightly exceeding analyst expectations of $247.93 million. Net interest margin also improved to 3.53%, a potentially encouraging sign for future earnings if sustained. First Interstate third-quarter earnings release
• Neutral Sentiment: Major shareholder Jonathan Scott sold 5,000 shares for approximately $184,500. The sale reduced his holdings by only 0.61%, leaving him with 812,738 shares, so the transaction is relatively small compared with his remaining stake. SEC insider ownership filing
• Negative Sentiment: FIBK reported third-quarter earnings of $0.65 per diluted share, missing consensus estimates, which ranged from roughly $0.70 to $0.92 depending on the data provider. Net income fell to $62.2 million from $71.4 million a year earlier, while earnings declined to $0.65 from $0.69 per share. First Interstate earnings flash
• Negative Sentiment: Investors remain concerned about weak core earnings growth, a contracting loan portfolio and a declining asset base. These trends suggest that improved margins have not yet translated into stronger overall operating performance relative to regional-bank peers. First Interstate Q3 analysis

Insider Activity

In other First Interstate BancSystem news, major shareholder Jonathan Scott sold 16,929 shares of the business's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the completion of the sale, the insider directly owned 825,809 shares in the company, valued at approximately $30,579,707.27. The trade was a 2.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the transaction, the insider directly owned 484,309 shares of the company's stock, valued at $18,229,390.76. The trade was a 0.55% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 32,700 shares of company stock valued at $1,213,976. Insiders own 8.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Wells Fargo & Company reaffirmed an "underweight" rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Barclays increased their price objective on First Interstate BancSystem from $37.00 to $38.00 and gave the company an "underweight" rating in a report on Monday, October 5th. DA Davidson restated a "neutral" rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research note on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Finally, Benchmark raised First Interstate BancSystem to a "hold" rating in a report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $37.00.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.

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