SCHEDULE 13G: FMR LLC and Abigail Johnson Disclose 6.5% Stake in First Interstate Bancsystem

FMR LLC and Abigail P. Johnson have disclosed a 6.5% beneficial ownership stake in First Interstate Bancsystem Inc.'s common stock as of December 31, 2024.

Summary

• FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 6,786,334 shares of Common Stock in FIRST INTERSTATE BANCSYSTEM INC.
• This represents 6.5% of the total outstanding Common Stock of the issuer.
• The filing date for this Schedule 13G was February 11, 2025, reflecting ownership as of December 31, 2024.
• FMR LLC, a Delaware-organized entity, holds sole voting power over 6,779,054 shares and sole dispositive power over 6,786,334 shares.
• Abigail P. Johnson, a U.S. citizen, holds sole dispositive power over 6,786,334 shares, with no sole or shared voting power directly attributed to her in this filing.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• FMR LLC is classified as a parent holding company or control person, and Abigail P. Johnson is classified as an individual investor.
• The filing includes a Rule 13d-1(k)(1) agreement for joint filing by FMR LLC and Abigail P. Johnson.
• Subsidiaries of FMR LLC, including FIAM LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, and Strategic Advisers LLC, are identified as relevant entities beneficially owning shares.

Sentiment

Score: 6

Explanation: The disclosure of a significant passive stake by a major institutional investor like FMR LLC is generally viewed as a positive signal for the issuer, indicating confidence from a sophisticated market participant. There are no negative elements in the filing itself.

Positives

• A significant institutional investor, FMR LLC, and its principal, Abigail P. Johnson, have disclosed a substantial 6.5% stake in First Interstate Bancsystem Inc., which can be viewed as a vote of confidence in the company.
• The filing explicitly states that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control, indicating a passive investment strategy that is generally less disruptive to existing management.

Negatives

• The document does not contain any negative information regarding First Interstate Bancsystem Inc. or the reporting persons.

Risks

• The document does not detail specific risks related to First Interstate Bancsystem Inc.'s operations or financial health, as it is a beneficial ownership disclosure rather than a comprehensive risk assessment.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding First Interstate Bancsystem Inc.'s future performance or operations. It is a historical ownership disclosure.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant investment by a major asset management firm, FMR LLC (Fidelity), in a regional banking institution, First Interstate Bancsystem Inc. Such investments are common for large institutional investors seeking diversified exposure across various sectors, including financial services. It reflects FMR's portfolio allocation strategy rather than a specific industry trend for regional banks.

Stakeholder Impact

• **Shareholders:** The disclosure of a significant institutional stake by a prominent asset manager like FMR LLC may increase investor confidence and potentially influence trading activity, as it signals a vote of confidence in the company's prospects.
• **Management:** Awareness of a large, passive institutional holder may influence strategic decisions, although the filing explicitly states no intent to influence control, suggesting a non-interfering investment approach.

Key Dates

Keywords

First Interstate Bancsystem Inc., FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investment, SEC Filing, Financial Services, Banking