Jennison Associates LLC Grows Stock Holdings in First Interstate BancSystem, Inc. $FIBK

Jennison Associates LLC raised its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,555,385 shares of the financial services provider’s stock after buying an additional 39,412 shares during the quarter. Jennison Associates LLC owned about 1.48% of First Interstate BancSystem worth $44,826,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of First Interstate BancSystem by 186.5% during the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $29,000 after buying an additional 647 shares during the last quarter. Quarry LP lifted its position in shares of First Interstate BancSystem by 63.8% during the first quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after buying an additional 450 shares during the last quarter. KBC Group NV lifted its position in shares of First Interstate BancSystem by 26.4% during the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider’s stock valued at $146,000 after buying an additional 1,061 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of First Interstate BancSystem during the second quarter valued at about $186,000. Finally, Quantbot Technologies LP purchased a new stake in shares of First Interstate BancSystem during the first quarter valued at about $215,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on FIBK. Weiss Ratings reissued a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Wednesday, October 8th. DA Davidson upped their price objective on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, September 12th. Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Monday, August 11th. Finally, Barclays upped their price objective on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.43.

Insider Buying and Selling

In related news, major shareholder Jonathan R. Scott sold 13,715 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $32.09, for a total value of $440,114.35. Following the transaction, the insider owned 959,109 shares in the company, valued at approximately $30,777,807.81. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $31.59, for a total transaction of $315,900.00. Following the completion of the transaction, the insider owned 244,460 shares in the company, valued at approximately $7,722,491.40. This trade represents a 3.93% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 48,818 shares of company stock worth $1,538,255. 8.20% of the stock is owned by company insiders.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $31.48 on Friday. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The company’s 50 day moving average is $32.05 and its 200 day moving average is $29.62. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The company 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 issued its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $0.69 earnings per share 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 the consensus estimate of $254.71 million. During the same quarter in the prior year, the company earned $0.54 EPS. On average, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, November 10th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 6.0%. The ex-dividend date is Monday, November 10th. First Interstate BancSystem’s dividend payout ratio is 84.68%.

About First Interstate BancSystem

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.