Susquehanna Fundamental Investments LLC Has $7.36 Million Stake in First Interstate BancSystem, Inc. $FIBK

Key Points

• Susquehanna Fundamental Investments more than doubled its First Interstate BancSystem stake during the second quarter, reaching 190,823 shares valued at approximately $7.36 million. Institutional investors collectively own 88.71% of the company.
• First Interstate BancSystem exceeded quarterly earnings expectations, reporting $0.87 in EPS versus the $0.69 consensus estimate and revenue of $263.9 million, up 6.4% year over year.
• The company pays a quarterly dividend of $0.47 per share, equivalent to a 5.1% annualized yield. Analyst sentiment remains cautious, with an average “Reduce” rating and a consensus price target of $36.83.

Susquehanna Fundamental Investments LLC boosted its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 120.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,823 shares of the financial services provider's stock after buying an additional 104,110 shares during the period. Susquehanna Fundamental Investments LLC owned about 0.20% of First Interstate BancSystem worth $7,358,000 as of its most recent SEC filing.

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

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $36.81 on Tuesday. The stock has a 50-day simple moving average of $38.31 and a 200 day simple moving average of $36.15. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. 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 $3.51 billion, a price-to-earnings ratio of 11.33 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.18. The firm had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company's revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 EPS. On average, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio is 57.85%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the transaction, the insider owned 488,359 shares in the company, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the company's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 32,392 shares of company stock worth $1,161,552 over the last three months. 8.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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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