First Interstate BancSystem (FIBK)’s Stock was a Standout Following its Merger with Great Western Bank

Diamond Hill Capital Management, an investment advisor, released its “Small Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter was challenging for US stocks and the Russell 2000 Index fell by more than 17%. The volatile market condition affected the fund’s portfolio performance; however, the fund performed better compared to the Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Diamond Hill Capital Management discussed stocks like First Interstate BancSystem, Inc. (NASDAQ:FIBK). Headquartered in Billings, Montana, First Interstate BancSystem, Inc. (NASDAQ:FIBK) is a bank holding company. On September 2, 2022, First Interstate BancSystem, Inc. (NASDAQ:FIBK) stock closed at $39.39 per share. One-month return of First Interstate BancSystem, Inc. (NASDAQ:FIBK) was -2.91% and its shares lost 8.29% of their value over the last 52 weeks. First Interstate BancSystem, Inc. (NASDAQ:FIBK) has a market capitalization of $4.208 billion.

Here is what Diamond Hill Capital Management specifically said about First Interstate BancSystem, Inc. (NASDAQ:FIBK):

“Regional bank First Interstate BancSystem, Inc. (NASDAQ:FIBK) was a standout amid generally weak bank stocks in Q2, as its share price performed well following the closing of its merger with Great Western Bank. FIBK fits well with the types of banks we often seek, having carved out a specialized niche and a strong geographic footprint.”

Human hand holding christmas present wrapped in dollar banknotes isolated on white

First Interstate BancSystem, Inc. (NASDAQ:FIBK) is not on the list of 30 Most Popular Stocks Among Hedge Funds. First Interstate BancSystem, Inc. (NASDAQ:FIBK) was held by 13 hedge fund portfolios at the end of the second quarter compared to 23 in the previous quarter.

We discussed First Interstate BancSystem, Inc. (NASDAQ:FIBK) in another article and shared Heartland Advisors’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.