Jennison Associates LLC Sells 24,517 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Jennison Associates LLC trimmed its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,515,973 shares of the financial services provider's stock after selling 24,517 shares during the period. Jennison Associates LLC owned about 1.45% of First Interstate BancSystem worth $43,433,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Victory Capital Management Inc. lifted its stake in shares of First Interstate BancSystem by 36.4% in the first quarter. Victory Capital Management Inc. now owns 1,733,162 shares of the financial services provider's stock valued at $49,655,000 after buying an additional 462,866 shares in the last quarter. Rice Hall James & Associates LLC bought a new position in shares of First Interstate BancSystem in the first quarter valued at $2,466,000. Cerity Partners LLC lifted its stake in shares of First Interstate BancSystem by 17.7% in the first quarter. Cerity Partners LLC now owns 8,960 shares of the financial services provider's stock valued at $257,000 after buying an additional 1,349 shares in the last quarter. First Interstate Bank lifted its stake 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. Finally, Brown Advisory Inc. lifted its stake in shares of First Interstate BancSystem by 1.1% in the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock valued at $29,144,000 after buying an additional 11,209 shares in the last quarter. 88.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FIBK shares. Wells Fargo & Company raised their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a research report on Thursday, July 10th. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a research report on Monday, June 23rd. Finally, Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $35.43.

Insider Buying and Selling

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the completion of the transaction, the insider owned 584,256 shares of the company's stock, valued at approximately $18,176,204.16. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.20% of the company's stock.

First Interstate BancSystem Stock Performance

Shares of FIBK traded down $0.01 during trading hours on Friday, hitting $30.76. The company's stock had a trading volume of 523,955 shares, compared to its average volume of 709,329. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 14.58 and a beta of 0.79. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. The business has a 50 day simple moving average of $28.31 and a two-hundred day simple moving average of $29.06. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $42.00 million during the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. First Interstate BancSystem's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were paid a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 annualized dividend and a dividend yield of 6.11%. First Interstate BancSystem's payout ratio is 89.10%.

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.