Here is What Hedge Funds Think About First Interstate Bancsystem Inc (FIBK)

Now, specific money managers have been driving this bullishness. Citadel Investment Group, led by Ken Griffin, established the largest position in First Interstate Bancsystem Inc (NASDAQ:FIBK). Citadel Investment Group had $0.3 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $0.2 million investment in the stock during the quarter.

Let’s now review hedge fund activity in other stocks similar to First Interstate Bancsystem Inc (NASDAQ:FIBK). These stocks are Restoration Hardware Holdings Inc (NYSE:RH), The Navigators Group, Inc (NASDAQ:NAVG), Provident Financial Services, Inc. (NYSE:PFS), and Orbotech Ltd. (NASDAQ:ORBK). This group of stocks’ market valuations resemble FIBK’s market valuation.

As you can see these stocks had an average of 17 funds with bullish positions and the average amount invested in these stocks was $177 million. That figure was $31 million in FIBK’s case. Restoration Hardware Holdings Inc (NYSE:RH) is the most popular stock in this table. On the other hand Provident Financial Services, Inc. (NYSE:PFS) is the least popular one with only five bullish hedge fund positions. First Interstate Bancsystem Inc (NASDAQ:FIBK) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RH might be a better candidate to consider taking a long position in.

Disclosure: None