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

The Manufacturers Life Insurance Company acquired a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 46,055 shares of the financial services provider’s stock, valued at approximately $1,776,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. acquired a new stake in shares of First Interstate BancSystem during the 4th quarter valued at $25,000. Kestra Advisory Services LLC acquired a new position in shares of First Interstate BancSystem in the fourth quarter worth $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new stake in First Interstate BancSystem during the third quarter valued at $52,000. Finally, Danske Bank A S purchased a new position in First Interstate BancSystem in the third quarter valued at about $57,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analysts Set New Price Targets

FIBK has been the subject of a number of recent research reports. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. DA Davidson reissued a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. 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 research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $36.83.

Insider Buying and Selling

In other news, 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 transaction, the insider owned 488,359 shares of the company’s stock, valued at $17,566,273.23. This trade represents a 2.98% 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 Jonathan R. Scott sold 4,500 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the completion of the sale, the insider owned 862,128 shares of the company’s stock, valued at $31,286,625.12. The trade was 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 owned by corporate insiders.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $37.48 on Friday. First Interstate BancSystem, Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The business has a 50-day moving average of $38.25 and a two-hundred day moving average of $36.14. The stock has a market capitalization of $3.57 billion, a P/E ratio of 11.53 and a beta of 0.75. 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 quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.18. The company had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.69 EPS. On average, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s payout ratio is 57.85%.

About First Interstate BancSystem

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.