Two Sigma Advisers LP raised its holdings in shares of First Interstate Bancsystem Inc (NASDAQ:FIBK) by 20.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,342 shares of the financial services provider’s stock after purchasing an additional 10,300 shares during the period. Two Sigma Advisers LP owned 0.09% of First Interstate Bancsystem worth $1,769,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. FDx Advisors Inc. purchased a new position in shares of First Interstate Bancsystem during the first quarter valued at approximately $31,000. PrairieView Partners LLC bought a new position in First Interstate Bancsystem in the 1st quarter worth $32,000. Rockefeller Capital Management L.P. lifted its position in shares of First Interstate Bancsystem by 36.1% in the 1st quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Interstate Bancsystem by 2,370.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,433 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,375 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in First Interstate Bancsystem in the first quarter worth about $56,000. Institutional investors and hedge funds own 50.15% of the company’s stock.
FIBK has been the topic of a number of research analyst reports. Wells Fargo & Co upped their target price on First Interstate Bancsystem from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. Keefe, Bruyette & Woods upgraded First Interstate Bancsystem from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, April 1st. ValuEngine downgraded shares of First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research report on Wednesday, June 17th. Zacks Investment Research raised shares of First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, TheStreet cut shares of First Interstate Bancsystem from a “b-” rating to a “c+” rating in a report on Wednesday, March 11th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $37.00.
First Interstate Bancsystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.45 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.18). The firm had revenue of $166.80 million for the quarter, compared to the consensus estimate of $159.10 million. First Interstate Bancsystem had a net margin of 23.56% and a return on equity of 9.16%. As a group, research analysts predict that First Interstate Bancsystem Inc will post 2.33 earnings per share for the current fiscal year.
In related news, CEO Kevin P. Riley purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were purchased at an average price of $34.13 per share, with a total value of $68,260.00. Following the acquisition, the chief executive officer now directly owns 26,791 shares in the company, valued at approximately $914,376.83. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ross E. Leckie sold 1,440 shares of First Interstate Bancsystem stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $32.42, for a total transaction of $46,684.80. Following the completion of the sale, the director now owns 8,028 shares of the company’s stock, valued at $260,267.76. The disclosure for this sale can be found here. 21.99% of the stock is owned by insiders.
First Interstate Bancsystem Profile
First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
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