Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 6.54MM shares of First Interstate Bancsystem Inc (FIBK). This represents 6.3% of the company.
In their previous filing dated May 9, 2022 they reported 8.52MM shares and 7.80% of the company, a decrease in shares of 23.32% and a decrease in total ownership of 1.50% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 38.82% Upside
As of January 31, 2023, the average one-year price target for First Interstate Bancsystem is $49.81. The forecasts range from a low of $44.44 to a high of $57.75. The average price target represents an increase of 38.82% from its latest reported closing price of $35.88.
The projected annual revenue for First Interstate Bancsystem is $1,333MM, an increase of 30.29%. The projected annual EPS is $4.47, an increase of 128.51%.
Fund Sentiment
There are 565 funds or institutions reporting positions in First Interstate Bancsystem. This is a decrease of 9 owner(s) or 1.57%.
Average portfolio weight of all funds dedicated to US:FIBK is 0.4401%, an increase of 2.7927%. Total shares owned by institutions decreased in the last three months by 4.77% to 105,046K shares.
What are large shareholders doing?
First Interstate Bank holds 6,103,223 shares representing 5.84% ownership of the company. In it's prior filing, the firm reported owning 6,158,947 shares, representing a decrease of 0.91%. The firm decreased its portfolio allocation in FIBK by 23.75% over the last quarter.
Macquarie Group holds 4,372,165 shares representing 4.19% ownership of the company. In it's prior filing, the firm reported owning 5,691,848 shares, representing a decrease of 30.18%. The firm decreased its portfolio allocation in FIBK by 67.01% over the last quarter.
Franklin Resources holds 3,101,864 shares representing 2.97% ownership of the company. In it's prior filing, the firm reported owning 1,508,404 shares, representing an increase of 51.37%. The firm decreased its portfolio allocation in FIBK by 47.10% over the last quarter.
Massachusetts Financial Services holds 2,909,322 shares representing 2.79% ownership of the company. In it's prior filing, the firm reported owning 3,405,104 shares, representing a decrease of 17.04%. The firm decreased its portfolio allocation in FIBK by 85.02% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,743,990 shares representing 2.63% ownership of the company. In it's prior filing, the firm reported owning 2,756,373 shares, representing a decrease of 0.45%. The firm increased its portfolio allocation in FIBK by 9.87% over the last quarter.
First Interstate BancSystem Background Information
(This description is provided by the company.)
First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services. Through its bank subsidiary, First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities, and others throughout the Company's market areas.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
