Connor Clark & Lunn Investment Management Ltd. Invests $2.30 Million in First Interstate BancSystem, Inc. $FIBK

Connor Clark & Lunn Investment Management Ltd. purchased a new position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 59,664 shares of the financial services provider’s stock, valued at approximately $2,301,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Louisiana State Employees Retirement System bought a new stake in shares of First Interstate BancSystem during the 1st quarter valued at $1,303,000. Hsbc Holdings PLC bought a new position in First Interstate BancSystem in the 4th quarter worth about $2,127,000. SG Americas Securities LLC grew its holdings in First Interstate BancSystem by 43.5% during the 1st quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider’s stock valued at $3,624,000 after buying an additional 32,914 shares in the last quarter. Villere ST Denis J & Co. LLC grew its holdings in First Interstate BancSystem by 15.1% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider’s stock valued at $20,943,000 after buying an additional 82,117 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in shares of First Interstate BancSystem by 36.9% during the first quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider’s stock valued at $3,793,000 after buying an additional 30,614 shares during the period. 88.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the transaction, the insider directly owned 866,628 shares in the company, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the company’s 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 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,392 shares of company stock worth $1,161,552 in the last three months. Insiders own 8.00% of the company’s stock.

First Interstate BancSystem Stock Down 0.6%

Shares of NASDAQ FIBK opened at $37.04 on Friday. First Interstate BancSystem, Inc. has a 12 month low of $29.10 and a 12 month high of $40.60. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of 11.40 and a beta of 0.76. The business has a 50-day moving average of $38.30 and a 200-day moving average of $36.18.

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

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders 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 5.1%. First Interstate BancSystem’s dividend payout ratio is presently 57.85%.

Wall Street Analysts Forecast Growth

FIBK has been the subject of a number of analyst reports. Wells Fargo & Company restated an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. UBS Group increased their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research note on Friday, May 1st. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Reduce” and an average target price of $36.83.

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.