Man Group plc Makes New Investment in First Interstate BancSystem, Inc. $FIBK

Man Group plc bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 50,993 shares of the financial services provider’s stock, valued at approximately $1,966,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Jupiter Topco LLC bought a new stake in shares of First Interstate BancSystem in the second quarter worth $1,442,000. Hsbc Holdings PLC purchased a new stake in First Interstate BancSystem during the second quarter valued at $1,707,000. Canada Pension Plan Investment Board bought a new position in First Interstate BancSystem in the second quarter valued at about $563,000. Legal & General Group Plc purchased a new position in First Interstate BancSystem in the second quarter worth about $7,746,000. Finally, The Manufacturers Life Insurance Company purchased a new position in First Interstate BancSystem in the second quarter worth about $1,776,000. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $36.31 on Wednesday. The stock has a market cap of $3.46 billion, a PE ratio of 11.17 and a beta of 0.75. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60. The firm has a fifty day moving average price of $38.29 and a 200-day moving average price of $36.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. The company had revenue of $263.90 million for the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. First Interstate BancSystem’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.69 EPS. Equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s payout ratio is presently 57.85%.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the sale, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This trade represents a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,392 shares of company stock worth $1,161,552 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FIBK shares. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. DA Davidson reaffirmed a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reiterated an “underweight” rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $36.83.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.