Hsbc Holdings PLC Invests $2.13 Million in First Interstate BancSystem, Inc. $FIBK

Key Points

• HSBC Holdings PLC disclosed a new position in First Interstate BancSystem, buying 61,083 shares worth about $2.13 million in the fourth quarter.
• First Interstate BancSystem reported Q1 earnings of $0.61 per share, edging past estimates, and also paid a quarterly dividend of $0.47 per share, equal to a 4.9% annualized yield.
• The stock has been relatively stable, opening around $38.59 and trading near its 52-week high of $39.26, while analysts currently rate it a Hold with an average target price of $37.00.

Hsbc Holdings PLC bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 61,083 shares of the financial services provider's stock, valued at approximately $2,127,000. Hsbc Holdings PLC owned about 0.06% of First Interstate BancSystem at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. purchased a new stake in First Interstate BancSystem in the fourth quarter valued at about $25,000. Kestra Advisory Services LLC acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its position in shares of First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. First Horizon Corp raised its position in shares of First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 455 shares during the last quarter. Finally, CIBC Private Wealth Group LLC acquired a new stake in First Interstate BancSystem in the 3rd quarter worth approximately $52,000. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 0.1%

FIBK stock opened at $38.59 on Tuesday. The firm's fifty day simple moving average is $35.70 and its 200-day simple moving average is $35.57. The company has a market capitalization of $3.75 billion, a P/E ratio of 12.57 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. First Interstate BancSystem, Inc. has a 12 month low of $27.60 and a 12 month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The firm had revenue of $5.10 million during the quarter, compared to analysts' expectations of $242.78 million. During the same quarter last year, the company posted $0.49 earnings per share. As a group, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem's dividend payout ratio (DPR) is currently 61.24%.

Insider Activity

In other news, major shareholder Julie A. Scott sold 15,000 shares of the company's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the sale, the insider owned 488,359 shares in the company, valued at $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the firm's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the sale, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,392 shares of company stock worth $1,161,552 over the last ninety days. 8.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FIBK. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. Weiss Ratings downgraded shares of First Interstate BancSystem from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 16th. Piper Sandler dropped their price objective on shares of First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. UBS Group upped their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research report on Friday, May 1st. Finally, DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $37.00.

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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