Jennison Associates LLC Decreases Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Jennison Associates LLC lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBKFree Report) by 45.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 776,333 shares of the financial services provider’s stock after selling 650,308 shares during the quarter. Jennison Associates LLC’s holdings in First Interstate BancSystem were worth $23,872,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. abrdn plc increased its holdings in First Interstate BancSystem by 8.4% in the 4th quarter. abrdn plc now owns 923,489 shares of the financial services provider’s stock worth $28,397,000 after acquiring an additional 71,839 shares during the last quarter. Wellington Management Group LLP increased its holdings in First Interstate BancSystem by 11.3% in the 3rd quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock worth $70,547,000 after acquiring an additional 286,160 shares during the last quarter. FMR LLC grew its holdings in First Interstate BancSystem by 0.4% during the 3rd quarter. FMR LLC now owns 6,451,758 shares of the financial services provider’s stock valued at $160,907,000 after buying an additional 28,343 shares in the last quarter. American Century Companies Inc. grew its holdings in First Interstate BancSystem by 4.1% during the 3rd quarter. American Century Companies Inc. now owns 2,224,365 shares of the financial services provider’s stock valued at $55,476,000 after buying an additional 87,039 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in First Interstate BancSystem by 99.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,870 shares of the financial services provider’s stock valued at $150,000 after buying an additional 2,430 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FIBK. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Barclays began coverage on First Interstate BancSystem in a report on Friday, March 8th. They set an “equal weight” rating and a $28.00 target price for the company. Finally, TheStreet lowered First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $29.00.

Get Our Latest Stock Report on FIBK

First Interstate BancSystem Stock Up 0.2 %

FIBK stock opened at $26.57 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. The company’s 50 day moving average is $26.08 and its 200 day moving average is $26.66. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 10.71 and a beta of 0.87. First Interstate BancSystem, Inc. has a 1-year low of $20.81 and a 1-year high of $32.54.

First Interstate BancSystem (NASDAQ:FIBKGet Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The company had revenue of $252.30 million for the quarter, compared to analysts’ expectations of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. Sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.17 EPS for the current fiscal year.

First Interstate BancSystem Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 19th. Investors of record on Friday, February 9th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 7.08%. This is a boost from First Interstate BancSystem’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, February 8th. First Interstate BancSystem’s dividend payout ratio is 75.81%.

Insider Buying and Selling

In related news, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total value of $50,042.05. Following the transaction, the insider now directly owns 6,909 shares in the company, valued at $179,979.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other First Interstate BancSystem news, EVP Kristina Robbins sold 2,710 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at $233,684.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lorrie F. Asker sold 1,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total value of $50,042.05. Following the completion of the sale, the insider now directly owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,531 shares of company stock worth $197,645. Insiders own 6.90% of the company’s stock.

First Interstate BancSystem Profile

(Free Report)

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.

Further Reading

Want to see what other hedge funds are holding FIBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Interstate BancSystem, Inc. (NASDAQ:FIBKFree Report).

Institutional Ownership by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

Receive News & Ratings for First Interstate BancSystem Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate BancSystem and related companies with MarketBeat.com's FREE daily email newsletter.