Hsbc Holdings PLC Takes Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• HSBC Holdings PLC opened a new position in First Interstate BancSystem during the fourth quarter, buying 61,083 shares valued at about $2.13 million.
• The stock traded slightly lower at $38.85, while the company reported better-than-expected quarterly EPS of $0.61 and continues to pay a quarterly dividend of $0.47 per share, or a 4.8% yield.
• Analyst sentiment remains mixed, with an overall Hold rating and an average price target of $37.33; meanwhile, insiders have recently sold shares, including major shareholders Julie A. Scott and Jonathan R. Scott.

Hsbc Holdings PLC purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 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 large investors have also bought and sold shares of the company. Northern Capital Management Inc. grew its holdings in First Interstate BancSystem by 0.5% during the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider's stock worth $1,803,000 after acquiring an additional 275 shares during the period. HighTower Advisors LLC lifted its stake in shares of First Interstate BancSystem by 2.7% in the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider's stock valued at $491,000 after purchasing an additional 375 shares during the period. Alliancebernstein L.P. boosted its position in shares of First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock worth $3,461,000 after purchasing an additional 397 shares during the last quarter. First Horizon Corp boosted 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 worth $44,000 after purchasing an additional 455 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 49.6% during the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider's stock worth $54,000 after purchasing an additional 516 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 0.2%

FIBK stock traded down $0.06 during mid-day trading on Friday, hitting $38.85. 629,557 shares of the company were exchanged, compared to its average volume of 993,464. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $3.77 billion, a P/E ratio of 12.65 and a beta of 0.76. The firm's 50 day simple moving average is $36.45 and its 200 day simple moving average is $35.78. First Interstate BancSystem, Inc. has a 1-year low of $27.60 and a 1-year high of $39.65.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, beating 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 company had revenue of $5.10 million during the quarter, compared to analysts' expectations of $242.78 million. During the same quarter in the prior year, the company earned $0.49 earnings per share. On average, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 4.8%. First Interstate BancSystem's dividend payout ratio is presently 61.24%.

Analysts Set New Price Targets

Several equities analysts have weighed in on FIBK shares. UBS Group increased their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an "underweight" rating in a report on Monday, March 30th. Barclays boosted their price target on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $37.33.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction that occurred on 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 of the company's stock, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares in the company, valued at $30,834,624.24. The trade was a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 32,392 shares of company stock valued at $1,161,552. Corporate insiders own 8.00% of the company's stock.

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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