Swiss National Bank Trims Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Posted by Defense World Staff on May 17th, 2023

Swiss National Bank reduced its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 219,246 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. Swiss National Bank owned about 0.21% of First Interstate BancSystem worth $8,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FIBK. Ronald Blue Trust Inc. purchased a new stake in First Interstate BancSystem during the 4th quarter valued at approximately $28,000. Quadrant Capital Group LLC grew its holdings in shares of First Interstate BancSystem by 32.7% in the third quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 226 shares in the last quarter. HBK Sorce Advisory LLC purchased a new position in shares of First Interstate BancSystem in the third quarter valued at $51,000. PNC Financial Services Group Inc. grew its holdings in shares of First Interstate BancSystem by 263.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 1,508 shares in the last quarter. Finally, Captrust Financial Advisors grew its holdings in shares of First Interstate BancSystem by 489.2% in the first quarter. Captrust Financial Advisors now owns 2,881 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 2,392 shares in the last quarter. 77.78% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 8,027 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $23.14, for a total value of $185,744.78. Following the completion of the transaction, the insider now directly owns 2,439,074 shares in the company, valued at $56,440,172.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Julie A. Scott sold 8,027 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $23.14, for a total transaction of $185,744.78. Following the transaction, the insider now owns 2,439,074 shares in the company, valued at $56,440,172.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Julie A. Scott sold 288,000 shares of the company’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $35.63, for a total transaction of $10,261,440.00. Following the transaction, the director now owns 2,517,351 shares in the company, valued at approximately $89,693,216.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 395,527 shares of company stock worth $12,762,160. 6.80% of the stock is owned by corporate insiders.

First Interstate BancSystem Stock Down 1.8 %

NASDAQ:FIBK opened at $21.85 on Wednesday. First Interstate BancSystem, Inc. has a twelve month low of $21.03 and a twelve month high of $46.34. The stock has a fifty day simple moving average of $28.05 and a 200-day simple moving average of $35.47. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 7.95 and a beta of 0.84. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

First Interstate BancSystem (NASDAQ:FIBK – Get Rating) last released its quarterly earnings data on Thursday, April 27th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.28). First Interstate BancSystem had a return on equity of 11.41% and a net margin of 17.07%. During the same quarter in the previous year, the business earned $0.21 earnings per share. Analysts anticipate that First Interstate BancSystem, Inc. will post 2.85 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 18th. Shareholders of record on Monday, May 8th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Friday, May 5th. This represents a $1.88 dividend on an annualized basis and a yield of 8.60%. First Interstate BancSystem’s dividend payout ratio is presently 68.36%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FIBK. Keefe, Bruyette & Woods cut their target price on shares of First Interstate BancSystem from $38.00 to $33.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Wells Fargo & Company lowered their price target on First Interstate BancSystem from $42.00 to $38.00 and set an “overweight” rating for the company in a research report on Wednesday, April 5th. Janney Montgomery Scott downgraded First Interstate BancSystem from a “buy” rating to a “neutral” rating in a research report on Monday, January 30th. Stephens upgraded First Interstate BancSystem from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $44.00 to $43.00 in a research report on Wednesday, February 1st. Finally, UBS Group initiated coverage on First Interstate BancSystem in a research report on Wednesday, March 15th. They issued a “neutral” rating and a $33.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.40.

About First Interstate BancSystem

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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. The company was founded by Homer Scott Sr. in 1968 and is headquartered in Billings, MT.

Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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