Is this U.S.-China selloff a buy? A top Wall Street voice weighs in
In a recent regulatory filing, First Interstate BancSystem Inc. (NASDAQ:FIBK), a $3.04 billion market cap financial institution under the state commercial banks category (SIC: 6022), disclosed the upcoming retirements of two board directors. According to InvestingPro analysis, the bank maintains a FAIR financial health score and currently trades at an attractive valuation. Thomas E. Henning and Frances (BCBA:BBARm) P. Grieb will step down from their positions at the company’s 2025 annual meeting of stockholders.
Thomas E. Henning, who reached the retirement age of 72 on March 14, 2025, will resign in accordance with the company’s Corporate Governance Guidelines. Henning, a Class II director, was due to serve until the 2026 annual meeting. He has been a part of the board since the acquisition of Great Western Bancorp (NYSE:GWB), Inc. in 2022, where he had served since August 2015, including a tenure as Lead Independent (LON:IOG) Director from 2017 to April 2020. The bank has maintained a strong dividend track record, currently offering a 6.52% yield and having sustained dividend payments for 16 consecutive years.
Frances P. Grieb, an incumbent Class I director, also announced her decision to retire, effective at the 2025 annual meeting, and will not seek re-election. Grieb joined the board following the same acquisition and had been a member of Great Western Bancorp’s board since 2014. Both Henning and Grieb will continue their board duties and committee roles until their retirements.
The company’s filing, dated March 19, 2025, stated that these retirements are not due to any disagreements with First Interstate BancSystem’s operations, policies, or practices. The filing expressed gratitude for the directors’ years of service and contributions to the board.
First Interstate BancSystem, headquartered in Billings, Montana, is incorporated in Delaware and is listed on NASDAQ under the ticker FIBK. Trading at a P/E ratio of 13.39, the company shows promising potential with analysts setting price targets up to $42. The company’s fiscal year ends on December 31. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers this and 1,400+ other top US stocks.
In other recent news, First Interstate BancSystem reported its fourth-quarter 2024 earnings, revealing a net income of $52.1 million with an earnings per share (EPS) of $0.50, which fell short of the anticipated $0.58. However, the company surpassed revenue expectations, reaching $261.3 million against a forecast of $251.24 million. The company declared a dividend of $0.47 per share, yielding 5.8%. In a strategic move, First Interstate BancSystem announced the upcoming retirement of its Chief Financial Officer, Marcy D. Mutch, effective May 31, 2025, with David P. Della Camera set to succeed her. Piper Sandler highlighted potential risks to near-term loan growth for banks but noted opportunities for long-term growth, particularly in construction and development. They also anticipate increased mergers and acquisitions among Western banks. Additionally, First Interstate BancSystem has announced a focus on relationship banking and digital enhancements, with expectations of modest loan growth and low single-digit deposit growth in 2025.
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