Jennison Associates LLC Reduces Stock Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Jennison Associates LLC lowered its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,515,973 shares of the financial services provider's stock after selling 24,517 shares during the quarter. Jennison Associates LLC owned 1.45% of First Interstate BancSystem worth $43,433,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FIBK. GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 2,336.8% in the first quarter. GAMMA Investing LLC now owns 9,942 shares of the financial services provider's stock worth $285,000 after acquiring an additional 9,534 shares during the last quarter. Swiss National Bank boosted its position in shares of First Interstate BancSystem by 0.5% during the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock valued at $6,008,000 after buying an additional 1,000 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of First Interstate BancSystem by 39.7% during the fourth quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider's stock valued at $2,043,000 after buying an additional 17,879 shares during the last quarter. First Interstate Bank boosted its position in shares of First Interstate BancSystem by 14.1% during 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 during the last quarter. Finally, KBC Group NV boosted 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. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Trading Down 1.1%

Shares of FIBK stock traded down $0.33 on Wednesday, reaching $30.17. 117,114 shares of the company's stock were exchanged, compared to its average volume of 706,585. First Interstate BancSystem, Inc. has a 52 week low of $22.95 and a 52 week high of $36.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $3.16 billion, a PE ratio of 14.29 and a beta of 0.79. The company's fifty day simple moving average is $28.35 and its 200 day simple moving average is $29.05.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The firm had revenue of $42.00 million for the quarter, compared to the consensus estimate of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The company's revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. As a group, 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 announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, May 12th. This represents a $1.88 annualized dividend and a yield of 6.23%. First Interstate BancSystem's dividend payout ratio (DPR) is 89.10%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the transaction, the insider directly owned 584,256 shares in the company, valued at $18,176,204.16. The trade was a 8.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 8.20% of the stock is currently owned by company insiders.

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.