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

Man Group plc purchased 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 institutional investor purchased 50,993 shares of the financial services provider’s stock, valued at approximately $1,966,000. Man Group plc owned about 0.05% of First Interstate BancSystem as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FIBK. Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem during the fourth quarter valued at about $25,000. Kestra Advisory Services LLC bought a new stake in shares of First Interstate BancSystem in the fourth quarter worth about $29,000. EverSource Wealth Advisors LLC increased its holdings in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the period. CIBC Private Wealth Group LLC purchased a new position in First Interstate BancSystem during the 3rd quarter valued at about $52,000. Finally, Danske Bank A S bought a new position in First Interstate BancSystem during the 3rd quarter valued at approximately $57,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Trading Down 1.4%

Shares of NASDAQ FIBK opened at $36.31 on Wednesday. The firm’s 50 day moving average price is $38.29 and its 200-day moving average price is $36.14. First Interstate BancSystem, Inc. has a 52-week low of $29.10 and a 52-week high of $40.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market cap of $3.46 billion, a PE ratio of 11.17 and a beta of 0.75.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. During the same quarter last year, the firm earned $0.69 earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.2%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 57.85%.

Wall Street Analysts Forecast Growth

FIBK has been the subject of several research analyst reports. Barclays cut 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. Weiss Ratings upgraded 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 set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Wells Fargo & Company reiterated an “underweight” rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Finally, Wall Street Zen raised 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 stock. Based on data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Reduce” and an average price target of $36.83.

Insiders Place Their Bets

In other news, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the transaction, the insider owned 488,359 shares in the company, valued at $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 32,392 shares of company stock valued at $1,161,552. Corporate insiders own 8.00% of the company’s stock.

First Interstate BancSystem 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.