The Manufacturers Life Insurance Company Increases Holdings in First Interstate BancSystem, Inc. (FIBK)

The Manufacturers Life Insurance Company boosted its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 31.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,959 shares of the financial services provider’s stock after acquiring an additional 5,073 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in First Interstate BancSystem were worth $779,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in FIBK. UBS Asset Management Americas Inc. acquired a new position in shares of First Interstate BancSystem in the second quarter valued at approximately $213,000. Kennedy Capital Management Inc. acquired a new position in shares of First Interstate BancSystem in the second quarter valued at approximately $2,020,000. LSV Asset Management raised its position in shares of First Interstate BancSystem by 13.2% in the second quarter. LSV Asset Management now owns 618,585 shares of the financial services provider’s stock valued at $23,011,000 after buying an additional 71,900 shares during the last quarter. Teachers Advisors LLC raised its position in shares of First Interstate BancSystem by 28.7% in the second quarter. Teachers Advisors LLC now owns 57,704 shares of the financial services provider’s stock valued at $2,147,000 after buying an additional 12,864 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of First Interstate BancSystem by 196.5% in the second quarter. First Trust Advisors LP now owns 117,541 shares of the financial services provider’s stock valued at $4,373,000 after buying an additional 77,901 shares during the last quarter. Institutional investors own 46.07% of the company’s stock.

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $37.33, for a total transaction of $933,250.00. Following the completion of the sale, the director now directly owns 5,556 shares in the company, valued at $207,405.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ross E. Leckie sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.85, for a total transaction of $58,275.00. Following the sale, the director now owns 23,028 shares of the company’s stock, valued at $894,637.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,357 shares of company stock valued at $1,941,627. 38.22% of the stock is owned by insiders.

FIBK has been the subject of a number of analyst reports. Zacks Investment Research raised shares of First Interstate BancSystem from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Tuesday, August 1st. Barclays PLC set a $43.00 price objective on shares of First Interstate BancSystem and gave the company a “buy” rating in a research report on Wednesday, October 11th. ValuEngine lowered shares of First Interstate BancSystem from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, BidaskClub lowered shares of First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $43.25.

First Interstate BancSystem, Inc. (NASDAQ FIBK) opened at $37.50 on Friday. First Interstate BancSystem, Inc. has a 52-week low of $33.33 and a 52-week high of $45.35. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $2,119.47, a P/E ratio of 16.25, a P/E/G ratio of 1.78 and a beta of 1.19.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st were paid a dividend of $0.24 per share. The ex-dividend date was Monday, October 30th. This represents a $0.96 annualized dividend and a yield of 2.56%. First Interstate BancSystem’s dividend payout ratio is currently 48.24%.

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First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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