Jennison Associates LLC Increases Stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Jennison Associates LLC grew its position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 73.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,540,490 shares of the financial services provider's stock after buying an additional 654,688 shares during the period. Jennison Associates LLC owned approximately 1.47% of First Interstate BancSystem worth $50,020,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FIBK. BNP Paribas Financial Markets boosted its stake in First Interstate BancSystem by 97.0% in the third quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider's stock valued at $975,000 after buying an additional 15,649 shares in the last quarter. Jane Street Group LLC raised its position in shares of First Interstate BancSystem by 13.9% during the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider's stock worth $5,770,000 after acquiring an additional 22,899 shares during the last quarter. Barclays PLC increased its holdings in First Interstate BancSystem by 18.6% in the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider's stock worth $6,326,000 after purchasing an additional 32,298 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in First Interstate BancSystem by 37,734.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider's stock worth $4,595,000 after purchasing an additional 141,128 shares in the last quarter. Finally, Empower Advisory Group LLC increased its holdings in First Interstate BancSystem by 4.8% in the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider's stock worth $14,318,000 after purchasing an additional 21,191 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Trading Down 1.1 %

Shares of First Interstate BancSystem stock traded down $0.37 during trading on Friday, reaching $32.86. The company's stock had a trading volume of 505,003 shares, compared to its average volume of 577,345. First Interstate BancSystem, Inc. has a 52-week low of $24.16 and a 52-week high of $36.77. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 15.00 and a beta of 0.85. The firm's 50-day moving average is $32.84 and its two-hundred day moving average is $31.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Monday, February 10th will be issued a $0.47 dividend. The ex-dividend date is Monday, February 10th. This represents a $1.88 annualized dividend and a yield of 5.72%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.85%.

Insider Buying and Selling

In other news, major shareholder Julie A. Scott sold 22,050 shares of the firm's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total transaction of $745,290.00. Following the sale, the insider now owns 613,019 shares of the company's stock, valued at $20,720,042.20. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,617 shares of company stock worth $1,176,772 in the last three months. 6.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FIBK has been the subject of several recent research reports. Stephens decreased their price objective on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, January 31st. Piper Sandler cut their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Keefe, Bruyette & Woods upped their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. DA Davidson reissued a "buy" rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Finally, StockNews.com lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Tuesday, December 24th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $36.14.

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.