46,055 Shares in First Interstate BancSystem, Inc. $FIBK Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company initiated a position in First Interstate BancSystem by purchasing 46,055 shares valued at approximately $1.8 million. Institutional investors and hedge funds collectively own 88.71% of the company.
• First Interstate BancSystem exceeded quarterly expectations, reporting $0.87 EPS versus the $0.69 consensus estimate and $263.9 million in revenue, up 6.4% year over year.
• The company maintains a quarterly dividend of $0.47 per share, equivalent to a 5.0% annualized yield, while analyst sentiment remains cautious with an average “Reduce” rating and a $36.83 price target.

The Manufacturers Life Insurance Company bought a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 46,055 shares of the financial services provider's stock, valued at approximately $1,776,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Northern Capital Management Inc. raised its position in shares of First Interstate BancSystem by 0.5% during the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider's stock worth $1,803,000 after purchasing an additional 275 shares during the period. EverSource Wealth Advisors LLC boosted its position in First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 315 shares during the period. HighTower Advisors LLC boosted its position in First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider's stock valued at $491,000 after purchasing an additional 375 shares during the period. Alliancebernstein L.P. grew its stake in First Interstate BancSystem by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock worth $3,461,000 after buying an additional 397 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in First Interstate BancSystem in the fourth quarter worth $25,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Trading Up 0.9%

Shares of FIBK stock opened at $37.48 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60. The firm has a market capitalization of $3.57 billion, a PE ratio of 11.53 and a beta of 0.75. The stock has a fifty day moving average of $38.25 and a two-hundred day moving average of $36.14. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. During the same period last year, the company earned $0.69 earnings per share. The company's quarterly revenue was up 6.4% compared to the same quarter last year. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 5.0%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 57.85%.

Insider Activity

In other news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the sale, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the sale, the insider directly owned 862,128 shares of the company's stock, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 8.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FIBK shares. Barclays downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a 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 report on Wednesday, July 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. Finally, DA Davidson restated a "neutral" rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, First Interstate BancSystem has an average rating of "Reduce" and an average price target 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.

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