Jennison Associates LLC Has $23.87 Million Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Jennison Associates LLC reduced its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 45.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 776,333 shares of the financial services provider’s stock after selling 650,308 shares during the period. Jennison Associates LLC owned 0.74% of First Interstate BancSystem worth $23,872,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FIBK. Mesirow Institutional Investment Management Inc. acquired a new position in shares of First Interstate BancSystem in the third quarter valued at $10,857,000. Wellington Management Group LLP grew its stake in shares of First Interstate BancSystem by 11.3% in the third quarter. Wellington Management Group LLP now owns 2,828,658 shares of the financial services provider’s stock valued at $70,547,000 after acquiring an additional 286,160 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of First Interstate BancSystem by 1,742.8% in the third quarter. Victory Capital Management Inc. now owns 284,436 shares of the financial services provider’s stock valued at $7,094,000 after acquiring an additional 269,001 shares in the last quarter. UBS Group AG grew its stake in shares of First Interstate BancSystem by 142.2% in the third quarter. UBS Group AG now owns 149,370 shares of the financial services provider’s stock valued at $3,725,000 after acquiring an additional 87,710 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of First Interstate BancSystem by 4.1% in the third quarter. American Century Companies Inc. now owns 2,224,365 shares of the financial services provider’s stock valued at $55,476,000 after acquiring an additional 87,039 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on FIBK. Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Barclays began coverage on shares of First Interstate BancSystem in a research note on Friday, March 8th. They issued an “equal weight” rating and a $28.00 price target on the stock. Finally, TheStreet downgraded shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $29.00.

First Interstate BancSystem Trading Up 0.2 %

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

First Interstate BancSystem (NASDAQ:FIBK) 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. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. The business had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. Analysts predict that First Interstate BancSystem, Inc. will post 2.17 EPS for the current fiscal year.

First Interstate BancSystem Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 19th. Investors of record on Friday, February 9th were given a dividend of $0.47 per share. 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. This represents a $1.88 annualized dividend and a yield of 7.08%. First Interstate BancSystem’s dividend payout ratio is currently 75.81%.

Insider Buying and Selling

In other news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the transaction, the executive vice president now owns 9,047 shares of the company’s stock, valued at $233,684.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now directly owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The disclosure for this sale can be found here. Insiders sold 7,531 shares of company stock valued at $197,645 over the last quarter. 6.90% of the stock is owned by company insiders.

First Interstate BancSystem Company Profile

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.