Hsbc Holdings PLC Invests $2.13 Million in First Interstate BancSystem, Inc. $FIBK

Hsbc Holdings PLC acquired a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 61,083 shares of the financial services provider’s stock, valued at approximately $2,127,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC boosted its position in First Interstate BancSystem by 37.2% during 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 purchasing an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of First Interstate BancSystem by 4.6% in 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 buying 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 valued at $238,000. Jones Financial Companies Lllp increased its holdings in First Interstate BancSystem by 24,352.5% during the first quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after buying an additional 24,596 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in First Interstate BancSystem during the first quarter worth $5,125,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several analyst reports. UBS Group upped their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research report on Friday, May 1st. Barclays boosted their price objective on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Piper Sandler cut their target price on shares of 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. Finally, 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. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $37.33.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the 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 transaction, the insider directly owned 488,359 shares of the company’s stock, valued at $17,566,273.23. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the transaction, the insider directly owned 866,628 shares in the company, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by company insiders.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock traded down $0.06 during mid-day trading on Friday, hitting $38.85. 629,557 shares of the company’s stock traded hands, compared to its average volume of 993,464. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50 day simple moving average of $36.45 and a two-hundred day simple moving average of $35.78. First Interstate BancSystem, Inc. has a fifty-two week low of $27.60 and a fifty-two week high of $39.65. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 12.65 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period in the previous year, the company earned $0.49 earnings per share. On average, research analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were paid a $0.47 dividend. The ex-dividend date was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 4.8%. First Interstate BancSystem’s dividend payout ratio is 61.24%.

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.