Capital International Investors Acquires Shares of 2,673,512 First Interstate BancSystem, Inc. $FIBK

Capital International Investors purchased a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,673,512 shares of the financial services provider’s stock, valued at approximately $92,504,000.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of First Interstate BancSystem by 1.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after purchasing an additional 78,835 shares in the last quarter. HoldCo Asset Management LP boosted its position in shares of First Interstate BancSystem by 10.6% in the 3rd quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock worth $125,890,000 after purchasing an additional 380,000 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of First Interstate BancSystem in the 3rd quarter worth approximately $2,115,000. Cambria Investment Management L.P. bought a new stake in shares of First Interstate BancSystem in the 3rd quarter worth approximately $9,083,000. Finally, Vestmark Advisory Solutions Inc. bought a new stake in shares of First Interstate BancSystem in the 3rd quarter worth approximately $895,000. 88.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FIBK. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 15th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. DA Davidson cut First Interstate BancSystem from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $41.00 to $39.00 in a research report on Wednesday, May 27th. Finally, Piper Sandler dropped their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $37.00.

First Interstate BancSystem Stock Performance

FIBK stock opened at $35.57 on Tuesday. The stock has a market capitalization of $3.46 billion, a PE ratio of 11.59 and a beta of 0.76. First Interstate BancSystem, Inc. has a 12-month low of $25.81 and a 12-month high of $39.26. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock’s 50 day simple moving average is $34.71 and its 200 day simple moving average is $35.12.

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

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 5.3%. First Interstate BancSystem’s dividend payout ratio is 61.24%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 8.00% of the company’s stock.

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.