Hsbc Holdings PLC Increases Stock Holdings in First Interstate BancSystem, Inc. $FIBK

Key Points

• Hsbc Holdings PLC increased its stake in First Interstate BancSystem, Inc. by 122.6%, now holding 46,871 shares worth approximately $1.34 million.
• Insider transactions revealed significant sales, including a major shareholder selling 55,000 shares for over $1.5 million, leading to a 9.41% decrease in their position.
• Research firms have upgraded First Interstate BancSystem's stock rating, with Barclays raising its target price from $28 to $32 and several analysts recommending a "Hold" or better.

Hsbc Holdings PLC grew its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 122.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,871 shares of the financial services provider's stock after purchasing an additional 25,813 shares during the period. Hsbc Holdings PLC's holdings in First Interstate BancSystem were worth $1,343,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Wood Tarver Financial Group LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at approximately $26,000. JNBA Financial Advisors purchased a new position in shares of First Interstate BancSystem during the 1st quarter valued at approximately $29,000. Exchange Traded Concepts LLC lifted its position in shares of First Interstate BancSystem by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after buying an additional 4,494 shares in the last quarter. KBC Group NV lifted its position in shares of First Interstate BancSystem by 26.4% during the 1st quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after buying an additional 1,061 shares in the last quarter. Finally, GTS Securities LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at approximately $203,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the completion of the transaction, the insider directly owned 529,256 shares in the company, valued at $14,745,072.16. This trade represents a 9.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the transaction, the director owned 5,224 shares of the company's stock, valued at $157,660.32. This trade represents a 69.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,818 shares of company stock valued at $3,600,017. Company insiders own 8.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FIBK. Wall Street Zen lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Wells Fargo & Company increased their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research note on Thursday, July 10th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective for the company in a research note on Monday, June 23rd. Finally, Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Trading Down 1.1%

Shares of NASDAQ FIBK traded down $0.38 during mid-day trading on Tuesday, reaching $32.35. 497,656 shares of the company's stock were exchanged, compared to its average volume of 819,126. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 14.57 and a beta of 0.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The company's 50-day moving average is $30.23 and its 200-day moving average is $28.59.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. The business had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The company's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.58 EPS. Analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.8%. First Interstate BancSystem's dividend payout ratio is currently 84.68%.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.