Connor Clark & Lunn Investment Management Ltd. Takes Position in First Interstate BancSystem, Inc. $FIBK

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 59,664 shares of the financial services provider’s stock, valued at approximately $2,301,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of First Interstate BancSystem at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. acquired a new stake in First Interstate BancSystem in the 4th quarter valued at $25,000. Kestra Advisory Services LLC acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth about $29,000. EverSource Wealth Advisors LLC lifted its stake 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 purchasing an additional 862 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of First Interstate BancSystem in the third quarter worth about $52,000. Finally, Danske Bank A S purchased a new stake in shares of First Interstate BancSystem in the third quarter worth about $57,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FIBK has been the topic of several analyst reports. 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. Keefe, Bruyette & Woods restated 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. DA Davidson reaffirmed a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $36.83.

First Interstate BancSystem Stock Down 0.6%

Shares of NASDAQ FIBK opened at $37.04 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 11.40 and a beta of 0.76. 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 stock’s 50-day simple moving average is $38.30 and its 200-day simple moving average is $36.18.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million for the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 earnings per share. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share 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 given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is presently 57.85%.

Insider Buying and Selling

In other news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction that occurred 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 directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction that occurred 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 transaction, the insider owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is currently owned by corporate insiders.

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.