Hsbc Holdings PLC Buys New Stake in First Interstate BancSystem, Inc. $FIBK

Hsbc Holdings PLC purchased a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, Holdings Channel.com reports. The fund purchased 61,083 shares of the financial services provider’s stock, valued at approximately $2,127,000.

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

First Interstate BancSystem Stock Down 0.1%

FIBK opened at $38.59 on Tuesday. The company has a market cap of $3.75 billion, a PE ratio of 12.57 and a beta of 0.76. First Interstate BancSystem, Inc. has a twelve month low of $27.60 and a twelve month high of $39.26. The company has a 50-day moving average price of $35.70 and a 200 day moving average price of $35.57. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data 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 return on equity of 9.13% and a net margin of 22.64%.The company had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $242.78 million. During the same period in the previous year, the firm posted $0.49 EPS. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is 61.24%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FIBK shares. DA Davidson cut First Interstate BancSystem from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. 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. Piper Sandler reduced their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. UBS Group upped their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research note on Friday, May 1st. Finally, Wells Fargo & Company increased their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.00.

Insider Buying and Selling

In other news, major shareholder Jonathan R. Scott sold 4,500 shares of First Interstate BancSystem stock in a transaction that occurred 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 sale, the insider directly owned 862,128 shares of the company’s stock, valued at $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction 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 directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,392 shares of company stock worth $1,161,552 over the last ninety days. Corporate insiders own 8.00% of the company’s stock.

About First Interstate BancSystem

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.