SummitTX Capital L.P. Takes $854,000 Position in First Interstate BancSystem, Inc. $FIBK

SummitTX Capital L.P. bought a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 25,576 shares of the financial services provider’s stock, valued at approximately $854,000.

Several other large investors have also made changes to their positions in the company. Capital International Investors acquired a new stake in First Interstate BancSystem in the fourth quarter worth about $92,504,000. State Street Corp raised its holdings in First Interstate BancSystem by 29.7% during the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after purchasing an additional 1,254,321 shares during the last quarter. Vanguard Group Inc. lifted its position in First Interstate BancSystem by 13.7% during the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after purchasing an additional 1,214,454 shares during the period. North Reef Capital Management LP lifted its position in First Interstate BancSystem by 132.4% during the 4th quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock valued at $68,335,000 after purchasing an additional 1,124,999 shares during the period. Finally, Norges Bank bought a new position in shares of First Interstate BancSystem in the 4th quarter valued at about $38,029,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $38.46 on Friday. First Interstate BancSystem, Inc. has a 12-month low of $27.60 and a 12-month high of $40.60. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 11.83 and a beta of 0.76. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average of $37.43 and a 200-day moving average of $36.05.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.19. The business had revenue of $99.10 million during the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a net margin of 29.44% and a return on equity of 9.55%. On average, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is 57.85%.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 4,500 shares of the business’s 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 completion of the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. The trade was a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the sale, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 32,392 shares of company stock valued at $1,161,552 over the last 90 days. Corporate insiders own 8.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on FIBK shares. UBS Group lifted 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. Piper Sandler cut their price objective on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Barclays lifted their target price on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $37.33.

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.