First Interstate Bancsystem Inc (NASDAQ:FIBK) was in 6 hedge funds’ portfolio at the end of the first quarter of 2013. FIBK investors should pay attention to an increase in support from the world’s most elite money managers of late. There were 4 hedge funds in our database with FIBK holdings at the end of the previous quarter.
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Keeping this in mind, it’s important to take a gander at the recent action surrounding First Interstate Bancsystem Inc (NASDAQ:FIBK).
What does the smart money think about First Interstate Bancsystem Inc (NASDAQ:FIBK)?
At Q1’s end, a total of 6 of the hedge funds we track held long positions in this stock, a change of 50% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a few key hedge fund managers who were increasing their stakes substantially.
When looking at the hedgies we track, Bill Miller’s Legg Mason Capital Management had the most valuable position in First Interstate Bancsystem Inc (NASDAQ:FIBK), worth close to $14.6 million, comprising 0.3% of its total 13F portfolio. The second largest stake is held by Crispin Odey of Odey Asset Management Group, with a $5.4 million position; 0.2% of its 13F portfolio is allocated to the company. Some other hedgies that hold long positions include Israel Englander’s Millennium Management, John Overdeck and David Siegel’s Two Sigma Advisors and Jim Simons’s Renaissance Technologies.
Now, specific money managers have jumped into First Interstate Bancsystem Inc (NASDAQ:FIBK) headfirst. Renaissance Technologies, managed by Jim Simons, initiated the most valuable position in First Interstate Bancsystem Inc (NASDAQ:FIBK). Renaissance Technologies had 0.4 million invested in the company at the end of the quarter. D. E. Shaw’s D E Shaw also made a $0.2 million investment in the stock during the quarter.
What do corporate executives and insiders think about First Interstate Bancsystem Inc (NASDAQ:FIBK)?
Insider trading activity, especially when it’s bullish, is most useful when the company in question has seen transactions within the past six months. Over the last 180-day time frame, First Interstate Bancsystem Inc (NASDAQ:FIBK) has seen 2 unique insiders purchasing, and 9 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to First Interstate Bancsystem Inc (NASDAQ:FIBK). These stocks are Western Alliance Bancorporation (NYSE:WAL), CVB Financial Corp. (NASDAQ:CVBF), PacWest Bancorp (NASDAQ:PACW), BBCN Bancorp, Inc. (NASDAQ:BBCN), and Central Pacific Financial Corp. (NYSE:CPF). This group of stocks are the members of the regional – pacific banks industry and their market caps match FIBK’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Western Alliance Bancorporation (NYSE:WAL) | 11 | 2 | 8 |
| CVB Financial Corp. (NASDAQ:CVBF) | 8 | 0 | 5 |
| PacWest Bancorp (NASDAQ:PACW) | 8 | 0 | 2 |
| BBCN Bancorp, Inc. (NASDAQ:BBCN) | 13 | 0 | 0 |
| Central Pacific Financial Corp. (NYSE:CPF) | 9 | 1 | 0 |
With the returns shown by Insider Monkey’s strategies, retail investors must always pay attention to hedge fund and insider trading sentiment, and First Interstate Bancsystem Inc (NASDAQ:FIBK) is an important part of this process.
