雅虎香港財經 Should You Sell First Interstate Bank (FIBK)?
Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was down 2.04% year-to-date while the S&P Small Cap 600 TR benchmark was up 0.81%, and the Morningstar U.S. Fund Small Blend was up by 2.91%. The Fund's lack of Energy equities and holdings in the Finance, Technology, Consumer Discretionary, Utilities, and Materials sectors have resulted in year-to-date underperformance relative to the benchmark. Relative outperformance in the consumer staples, real estate, healthcare, industrials, and communications services sectors helped to partially offset this. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the third quarter 2023 investor letter. Headquartered in Billings, Montana, First Interstate BancSystem, Inc. (NASDAQ:FIBK) is a bank holding company for First Interstate Bank. On November 28, 2023, First Interstate BancSystem, Inc. (NASDAQ:FIBK) stock closed at $25.46 per share. One-month return of First Interstate BancSystem, Inc. (NASDAQ:FIBK) was 10.36%, and its shares lost 41.39% of their value over the last 52 weeks. First Interstate BancSystem, Inc. (NASDAQ:FIBK) has a market capitalization of $2.673 billion.
Mairs & Power Small Cap Fund made the following comment about First Interstate BancSystem, Inc. (NASDAQ:FIBK) in its Q3 2023 investor letter:
"During the third quarter, we sold out of our position in First Interstate BancSystem, Inc. (NASDAQ:FIBK), a regional bank based in Billings, Montana, where we had significant concerns about management’s execution, and structural issues related to their balance sheet and margins."
A customer smiling as they pay their bills with the cash management services provided by the bank.
First Interstate BancSystem, Inc. (NASDAQ:FIBK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held First Interstate BancSystem, Inc. (NASDAQ:FIBK) at the end of third quarter which was 10 in the previous quarter.
We discussed First Interstate BancSystem, Inc. (NASDAQ:FIBK) in another article and shared Meridian Contrarian Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
