Jennison Associates LLC Sells 769,679 Shares of First Interstate BancSystem, Inc. $FIBK

Jennison Associates LLC lowered its holdings in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 56.7% during the first quarter, Holdings Channel reports. The institutional investor owned 586,654 shares of the financial services provider’s stock after selling 769,679 shares during the quarter. Jennison Associates LLC’s holdings in First Interstate BancSystem were worth $19,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after buying an additional 1,214,454 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of First Interstate BancSystem by 20.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after acquiring an additional 1,003,021 shares in the last quarter. State Street Corp increased its stake in First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after acquiring an additional 1,254,321 shares during the period. Capital International Investors bought a new stake in First Interstate BancSystem in the fourth quarter valued at about $92,504,000. Finally, Victory Capital Management Inc. raised its position in First Interstate BancSystem by 4.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,076,339 shares of the financial services provider’s stock worth $71,841,000 after purchasing an additional 87,136 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FIBK. DA Davidson cut shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and cut their price target for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. UBS Group increased their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Wells Fargo & Company raised their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Barclays boosted their price target on First Interstate BancSystem from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and an average target price of $37.33.

Insider Buying and Selling

In other news, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the sale, the insider directly owned 488,359 shares of the company’s stock, valued at $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the sale, the insider directly owned 866,628 shares in the company, valued at $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 32,392 shares of company stock worth $1,161,552 over the last quarter. 8.00% of the stock is owned by company insiders.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $38.97 on Wednesday. The stock has a 50-day simple moving average of $36.93 and a 200 day simple moving average of $35.96. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 12-month low of $27.60 and a 12-month high of $40.60. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.69 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio is presently 61.24%.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.