Susquehanna Fundamental Investments LLC grew its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK – Free Report) by 120.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 190,823 shares of the financial services provider’s stock after purchasing an additional 104,110 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in First Interstate BancSystem were worth $7,358,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the business. Eurizon Capital SGR S.p.A. acquired a new position in First Interstate BancSystem in the fourth quarter valued at approximately $25,000. Kestra Advisory Services LLC bought a new position in shares of First Interstate BancSystem in the 4th quarter worth $29,000. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 862 shares during the period. CIBC Private Wealth Group LLC bought a new stake in First Interstate BancSystem in the third quarter valued at about $52,000. Finally, Danske Bank A S bought a new stake in First Interstate BancSystem in the third quarter valued at about $57,000. Institutional investors and hedge funds own 88.71% of the company’s stock.
Insiders Place Their Bets
In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the transaction, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction dated 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 sale, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 32,392 shares of company stock valued at $1,161,552. Company insiders own 8.00% of the company’s stock.
First Interstate BancSystem Trading Down 0.6%
First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.69 by $0.18. The firm had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the company posted $0.69 EPS. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.
First Interstate BancSystem Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.1%. First Interstate BancSystem’s dividend payout ratio is presently 57.85%.
Analyst Ratings Changes
A number of brokerages have issued reports on FIBK. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. DA Davidson restated a “neutral” rating and set a $39.00 price objective 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 research note on Monday, August 10th. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $36.83.
Check Out Our Latest Stock Report on FIBK
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.
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