Hsbc Holdings PLC Takes Position in First Interstate BancSystem, Inc. $FIBK

Hsbc Holdings PLC bought a new stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 44,496 shares of the financial services provider’s stock, valued at approximately $1,707,000.

A number of other institutional investors have also added to or reduced their stakes in FIBK. Northern Capital Management Inc. lifted its stake in First Interstate BancSystem by 0.5% in the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after acquiring an additional 275 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 315 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of First Interstate BancSystem by 2.7% in the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock valued at $491,000 after purchasing an additional 375 shares during the period. Alliancebernstein L.P. lifted its stake in First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after purchasing an additional 397 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in First Interstate BancSystem in the 4th quarter valued at about $25,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $37.04 on Monday. First Interstate BancSystem, Inc. has a 12-month low of $29.10 and a 12-month high of $40.60. The company has a market capitalization of $3.53 billion, a PE ratio of 11.40 and a beta of 0.76. The firm has a 50 day moving average price of $38.30 and a two-hundred day moving average price of $36.16. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.69 by $0.18. The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.69 earnings per share. As a group, analysts predict 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 was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.47 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. First Interstate BancSystem’s dividend payout ratio is 57.85%.

Wall Street Analyst Weigh In

FIBK has been the topic of a number of recent analyst reports. DA Davidson reissued a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $38.00 to $37.00 in a research note on Monday, August 3rd. Finally, Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, First Interstate BancSystem has an average rating of “Reduce” and a consensus target price of $36.83.

Insider Activity

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the business’s 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 completion of the sale, 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 SEC, which is available at the SEC website. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the transaction, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 32,392 shares of company stock worth $1,161,552 over the last 90 days. 8.00% of the stock is currently owned by corporate insiders.

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.