Jupiter Topco LLC Takes Position in First Interstate BancSystem, Inc. $FIBK

Key Points

• Jupiter Topco LLC purchased 37,395 shares of First Interstate BancSystem worth approximately $1.44 million in the second quarter. Institutional investors collectively own 88.71% of the company.
• Analyst sentiment remains cautious: FIBK has an average “Reduce” rating and a consensus price target of $36.83, with recent downgrades from Barclays and Wells Fargo.
• First Interstate exceeded quarterly expectations, reporting $0.87 in earnings per share and $263.9 million in revenue, while maintaining a quarterly dividend of $0.47 per share, representing a 5.0% annualized yield.

Jupiter Topco LLC bought a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 37,395 shares of the financial services provider's stock, valued at approximately $1,442,000.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of First Interstate BancSystem by 37.2% during the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock valued at $1,926,000 after buying an additional 18,210 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of First Interstate BancSystem by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock worth $1,353,000 after acquiring an additional 2,070 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of First Interstate BancSystem in the first quarter worth $238,000. Jones Financial Companies Lllp boosted its holdings in shares of First Interstate BancSystem by 24,352.5% in the first quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock worth $708,000 after acquiring an additional 24,596 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of First Interstate BancSystem in the first quarter valued at $5,125,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FIBK. DA Davidson reaffirmed a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Barclays lowered shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. Wells Fargo & Company reaffirmed an "underweight" rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Wall Street Zen raised shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, First Interstate BancSystem has an average rating of "Reduce" and an average target price of $36.83.

First Interstate BancSystem Price Performance

FIBK stock opened at $37.85 on Friday. The firm's 50-day moving average price is $38.24 and its two-hundred day moving average price is $36.15. First Interstate BancSystem, Inc. has a 12-month low of $29.10 and a 12-month high of $40.60. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 11.65 and a beta of 0.75. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. During the same period in the prior year, the business posted $0.69 earnings per share. First Interstate BancSystem's revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio (DPR) is currently 57.85%.

Insider Buying and Selling

In related news, major shareholder Jonathan Scott sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares in the company, valued at $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 488,359 shares of the company's stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 8.00% of the stock is owned by corporate insiders.

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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