First Interstate BancSystem, Inc. $FIBK is HoldCo Asset Management LP’s 3rd Largest Position

HoldCo Asset Management LP boosted its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 10.6% in the 3rd quarter, Holdings Channel reports. The firm owned 3,950,107 shares of the financial services provider’s stock after buying an additional 380,000 shares during the quarter. First Interstate BancSystem accounts for approximately 13.3% of HoldCo Asset Management LP’s portfolio, making the stock its 3rd biggest position. HoldCo Asset Management LP’s holdings in First Interstate BancSystem were worth $125,890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of First Interstate BancSystem by 0.7% in the third quarter. Vanguard Group Inc. now owns 8,833,965 shares of the financial services provider’s stock worth $281,538,000 after buying an additional 64,371 shares during the period. Wellington Management Group LLP raised its holdings in shares of First Interstate BancSystem by 20.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after buying an additional 1,003,021 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of First Interstate BancSystem by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock valued at $175,140,000 after buying an additional 78,835 shares during the period. State Street Corp lifted its position in First Interstate BancSystem by 2.3% during the 2nd quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock worth $116,735,000 after acquiring an additional 92,715 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in First Interstate BancSystem by 7.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,179,093 shares of the financial services provider’s stock worth $62,809,000 after acquiring an additional 144,800 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FIBK. Weiss Ratings raised shares of First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Keefe, Bruyette & Woods boosted their target price on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Barclays decreased their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Friday, January 30th. Stephens lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. Finally, DA Davidson reaffirmed a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.17.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $33.13 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a fifty-two week low of $22.95 and a fifty-two week high of $39.26. The business has a 50 day moving average price of $36.50 and a two-hundred day moving average price of $34.08. The firm has a market cap of $3.41 billion, a PE ratio of 11.23 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.First Interstate BancSystem’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 EPS. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 annualized dividend and a yield of 5.7%. First Interstate BancSystem’s dividend payout ratio is currently 63.73%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 1,827 shares of the stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the transaction, the insider directly owned 936,024 shares in the company, valued at $34,558,006.08. This represents a 0.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.20% of the stock is owned by corporate insiders.

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.