First Interstate BancSystem, Inc. $FIBK Shares Acquired by Jennison Associates LLC

Jennison Associates LLC lifted its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.6% during the second quarter, Holdings Channel.com reports. The firm owned 1,555,385 shares of the financial services provider’s stock after acquiring an additional 39,412 shares during the period. Jennison Associates LLC’s holdings in First Interstate BancSystem were worth $44,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in FIBK. Nuveen LLC acquired a new stake in shares of First Interstate BancSystem during the 1st quarter worth approximately $32,796,000. Wellington Management Group LLP increased its position in shares of First Interstate BancSystem by 31.6% in the first quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider’s stock valued at $91,481,000 after buying an additional 767,432 shares in the last quarter. First Interstate Bank increased its position in shares of First Interstate BancSystem by 14.1% in the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider’s stock valued at $144,778,000 after buying an additional 624,268 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of First Interstate BancSystem by 1,010.4% in the first quarter. MetLife Investment Management LLC now owns 529,823 shares of the financial services provider’s stock valued at $15,179,000 after buying an additional 482,108 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in First Interstate BancSystem by 36.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider’s stock valued at $49,655,000 after acquiring an additional 462,866 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Trading Down 2.0%

Shares of FIBK opened at $31.48 on Friday. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average is $32.05 and its two-hundred day moving average is $29.62. The stock has a market cap of $3.30 billion, a PE ratio of 13.28 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 7.30%. The company had revenue of $43.70 million for the quarter, compared to analysts’ expectations of $254.71 million. During the same quarter in the previous year, the company posted $0.54 EPS. Research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, November 10th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $1.88 dividend on an annualized basis and a yield of 6.0%. First Interstate BancSystem’s payout ratio is 84.68%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FIBK. Wall Street Zen cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Monday, August 11th. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. DA Davidson lifted their price target on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Barclays lifted their price target on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $35.43.

Insiders Place Their Bets

In other news, Director John M. Heyneman, Jr. sold 11,818 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total transaction of $356,667.24. Following the transaction, the director owned 5,224 shares of the company’s stock, valued at approximately $157,660.32. The trade was a 69.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $31.59, for a total transaction of $315,900.00. Following the transaction, the insider directly owned 244,460 shares in the company, valued at approximately $7,722,491.40. The trade was a 3.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 48,818 shares of company stock valued at $1,538,255. Insiders own 8.20% of the company’s stock.

First Interstate BancSystem 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.