SummitTX Capital L.P. Acquires New Stake in First Interstate BancSystem, Inc. $FIBK

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

A number of other large investors have also recently added to or reduced their stakes in the company. Punch & Associates Investment Management Inc. raised its stake in shares of First Interstate BancSystem by 1.6% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 735,419 shares of the financial services provider’s stock valued at $24,563,000 after purchasing an additional 11,601 shares during the period. Gamco Investors INC. ET AL acquired a new position in shares of First Interstate BancSystem during the first quarter worth about $267,000. Inceptionr LLC acquired a new position in shares of First Interstate BancSystem during the first quarter worth about $567,000. Sei Investments Co. boosted its position in shares of First Interstate BancSystem by 7.4% during the first quarter. Sei Investments Co. now owns 465,495 shares of the financial services provider’s stock worth $15,548,000 after buying an additional 32,033 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of First Interstate BancSystem by 214.9% during the first quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider’s stock worth $39,998,000 after buying an additional 817,235 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $38.46 on Friday. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 11.83 and a beta of 0.76. The business has a 50-day moving average of $37.43 and a 200-day moving average of $36.05. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. First Interstate BancSystem, Inc. has a fifty-two week low of $27.60 and a fifty-two week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The business had revenue of $99.10 million for the quarter, compared to analyst estimates of $249.32 million. As a group, sell-side analysts predict 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 declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company’s stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,392 shares of company stock worth $1,161,552 in the last ninety days. Insiders own 8.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FIBK. UBS Group lifted their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, May 1st. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Finally, Piper Sandler lowered 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. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of “Hold” and a consensus price target of $37.33.

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.