Jennison Associates LLC Has $19.59 Million Stake in First Interstate BancSystem, Inc. $FIBK

Jennison Associates LLC lowered its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 56.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 586,654 shares of the financial services provider’s stock after selling 769,679 shares during the period. Jennison Associates LLC owned 0.58% of First Interstate BancSystem worth $19,594,000 at the end of the most recent reporting period.

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

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the sale, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. The trade was a 2.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,392 shares of company stock valued at $1,161,552 in the last ninety days. 8.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FIBK shares. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Piper Sandler decreased their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Finally, UBS Group increased their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Hold” and a consensus price target of $37.33.

First Interstate BancSystem Stock Up 1.1%

FIBK opened at $38.97 on Wednesday. First Interstate BancSystem, Inc. has a 1-year low of $27.60 and a 1-year high of $40.60. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.69 and a beta of 0.76. The business has a 50 day moving average of $36.93 and a 200-day moving average of $35.96.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same quarter in the previous year, the firm posted $0.49 earnings per share. As a group, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

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

About First Interstate BancSystem

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.