Wellington Management Group LLP Buys 767,432 Shares of First Interstate BancSystem, Inc. $FIBK

Key Points

• Wellington Management Group LLP increased its stake in First Interstate BancSystem by 31.6% in Q1, owning approximately 3.05% of the company, valued at around $91.5 million.
• Several analysts revised their ratings for First Interstate BancSystem, with Keefe, Bruyette & Woods upgrading the stock from "hold" to "moderate buy" and setting a price target of $32.00.
• First Interstate BancSystem declared a quarterly dividend of $0.47 per share, translating to an annualized dividend of $1.88 and a yield of 6.3%.

Wellington Management Group LLP increased its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 31.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,193,047 shares of the financial services provider's stock after acquiring an additional 767,432 shares during the period. Wellington Management Group LLP owned approximately 3.05% of First Interstate BancSystem worth $91,481,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Wood Tarver Financial Group LLC purchased a new position in First Interstate BancSystem in the 4th quarter worth about $26,000. JNBA Financial Advisors purchased a new position in First Interstate BancSystem in the 1st quarter worth about $29,000. Exchange Traded Concepts LLC increased its stake in First Interstate BancSystem by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock worth $139,000 after purchasing an additional 4,494 shares in the last quarter. KBC Group NV increased its stake in First Interstate BancSystem by 26.4% in the 1st quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock worth $146,000 after purchasing an additional 1,061 shares in the last quarter. Finally, GTS Securities LLC purchased a new position in First Interstate BancSystem in the 4th quarter worth about $203,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods raised 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 note on Monday, June 23rd. Wells Fargo & Company lifted their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Finally, Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Stock Up 0.4%

Shares of First Interstate BancSystem stock traded up $0.12 during trading on Wednesday, hitting $32.05. 81,835 shares of the stock traded hands, compared to its average volume of 818,311. The stock has a market cap of $3.36 billion, a P/E ratio of 14.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.74 and a current ratio of 0.75. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The company has a fifty day moving average price of $29.76 and a two-hundred day moving average price of $28.62.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.The business had revenue of $248.30 million during the quarter, compared to analyst estimates of $253.73 million. During the same period in the previous year, the company earned $0.58 EPS. The firm's revenue was up 1.6% on a year-over-year basis. Equities research analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.9%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem's payout ratio is 84.68%.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 11,818 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $30.18, for a total value of $356,667.24. Following the completion of the sale, the director directly owned 5,224 shares in the company, valued at approximately $157,660.32. The trade was a 69.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the sale, the insider owned 529,256 shares of the company's stock, valued at approximately $14,745,072.16. This trade represents a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,818 shares of company stock valued at $3,600,017. Corporate insiders own 8.20% of the company's stock.

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.