On September 14, 2023, it was reported that Empower Advisory Group LLC has acquired a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK). According to the 13F filing with the Securities and Exchange Commission (SEC), the firm purchased 323,389 shares of the financial services provider’s stock, with an approximate value of $9,543,000. This investment by Empower Advisory Group LLC represents about 0.31% ownership of First Interstate BancSystem.
Several equities research analysts have also commented on the stock. Stephens recently reduced their target price for First Interstate BancSystem from $35.00 to $32.00 in a research report. TheStreet downgraded the company’s rating from “b-” to “c” in another research report. However, StockNews.com upgraded the stock to a “sell” rating in their analysis published on August 16th. Overall, there is an average rating of “Hold” given by analysts, with a consensus target price of $34.20 according to Bloomberg.
As of Thursday, First Interstate BancSystem’s stock opened at $25.00 per share. The company currently has a market capitalization of $2.63 billion and a P/E ratio of 8.90. Additionally, it has a beta value of 0.87, indicating its sensitivity relative to market movements.
The firm’s fifty-day simple moving average stands at $26.51 while its two hundred-day simple moving average rests slightly higher at $26.86. It is worth noting that the company has seen better days with a 52-week high of $46.34 and a 52-week low of $21.03.
First Interstate BancSystem holds a current ratio and quick ratio both below one at 0.76 and 0.75 respectively, highlighting its ability to meet short-term financial obligations should be monitored closely. Furthermore, the company’s debt-to-equity ratio stands at 0.92, suggesting a moderate level of financial leverage.
In conclusion, Empower Advisory Group LLC has acquired a significant stake in First Interstate BancSystem, Inc. This development follows various analysts’ reports on the stock, with mixed opinions ranging from hold to sell ratings. As the company continues to navigate shifting market conditions and potential impacts from its financial ratios, investors will be closely watching for any further developments in the future.
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First Interstate BancSystem Attracts Attention from Institutional Investors as it Faces Challenges and Opportunities
First Interstate BancSystem, a prominent financial services provider, has caught the attention of several large investors in recent times. JPMorgan Chase & Co. raised its stake in the company by an impressive 58.2% during the first quarter. The financial giant now possesses 3,097,124 shares of First Interstate BancSystem’s stock, valued at approximately $92,480,000. This acquisition was made possible by JPMorgan Chase & Co.’s additional purchase of 1,138,955 shares in the last quarter.
Adding to the intrigue surrounding First Interstate BancSystem’s investor base, Thrivent Financial for Lutherans revealed that it acquired a new stake in the company during the first quarter of this year. It is estimated that this stake was valued at about $251,000 at the time of purchase.
Moreover, it is worth mentioning that State Street Corp experienced a modest increase of 5.4% in its position within First Interstate BancSystem during the same period. This resulted from an additional acquisition of 169,076 shares and brings their total holdings to 3,307,535 shares with a market value of approximately $98,763,000.
First Trust Advisors LP also entered the scene as they lifted their position by an astonishing 33.1% throughout the first quarter. With this increase comes ownership of 305,139 shares valued at $9,111,000 after acquiring an additional 75,842 shares in the last quarter.
Finally recognized is Forest Hill Capital LLC’s contribution to First Interstate BancSystem’s institutional support system. Avidly displaying their confidence in the company’s value prospects and growth potential within the financial industry sector; Forest Hill Capital LLC boosted their share count by over 4%. Their increased stake now totals up to a significant 327,064 shares valued at $9,
With such overwhelming interest from institutional investors mentioned above; it should not come as a surprise that 78.62% of the stock is currently owned by these strategic market participants.
In recent news, First Interstate BancSystem’s major shareholder, Julie A. Scott, sold 20,000 shares in the company on September 13th for approximately $501,800. Additionally, Scott sold 8,072 shares of the firm’s stock on September 11th for a sum total of $201,477.12. Following these transactions, Scott retains ownership of approximately 1,183,100 shares in First Interstate BancSystem, valued at about $29,683,979.
Equity research analysts have delved into the situation as well and provided their perspectives on First Interstate BancSystem’s future trajectory and performance. Stephens reduced their target price from $35.00 to $32.00 while TheStreet downgraded the company’s rating from “b-” to “c”. However, StockNews.com recently upgraded the rating back to a “sell” indicating ongoing ambiguity regarding its prospects in the market.
Furthermore Bloomberg reports an average rating of “hold” for First Interstate BancSystem and a consensus target price of $34.20.
First Interstate BancSystem disclosed its quarterly earnings report in late July this year. The financial services provider reported earnings per share of $0.66 for the quarter which missed analysts’ consensus estimate of $0.71 by ($0.05). Revenue generated during this period amounted to $262.50 million as opposed to the expected consensus estimate of $270.50 million.
Currently sporting a net margin percentage of 21.85% with a return on equity ratio reaching up to 10.44%, industry experts accumulate prior evidence to forecast that First Interstate BancSystem is likely to post an estimated earnings per share figure of 2.57 for the current fiscal year.
Lastly worth noting is First Interstate BancSystem’s decision regarding its quarterly dividend payment distribution schedule which had recently taken place on August 17th. A dividend of $0.47 per share was issued to shareholders of record as of August 7th. This dividend, when analyzed from an annualized perspective, currently stands at $1.88 per share and provides investors with a significant 7.52% yield. The company’s dividend payout ratio currently stands at a robust 66.90%.
With all these recent twists and turns within First Interstate BancSystem, one can’t help but ponder the implications for the company’s strategy moving forward and whether it will continue to attract the attention and actions of institutional investors in the future. As time progresses, it will be essential for market participants to stay up to date with how this financial services provider navigates the challenges and opportunities that lie ahead in order to make well-informed investment decisions based on its shifting dynamics in the industry.
