Wellington Management Group LLP Grows Holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wellington Management Group LLP raised its holdings in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 6.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,288,214 shares of the financial services provider's stock after acquiring an additional 78,596 shares during the quarter. Wellington Management Group LLP owned approximately 1.23% of First Interstate BancSystem worth $39,522,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FIBK. TNF LLC lifted its stake in shares of First Interstate BancSystem by 1.5% in the third quarter. TNF LLC now owns 25,376 shares of the financial services provider's stock worth $812,000 after acquiring an additional 367 shares during the period. Caprock Group LLC lifted its position in shares of First Interstate BancSystem by 1.7% in the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider's stock worth $713,000 after purchasing an additional 422 shares during the period. Wrapmanager Inc. boosted its stake in shares of First Interstate BancSystem by 5.0% in the 3rd quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 429 shares during the last quarter. CWM LLC increased its position in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock worth $87,000 after buying an additional 430 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its stake in First Interstate BancSystem by 5.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider's stock worth $311,000 after buying an additional 507 shares during the last quarter. Institutional investors own 88.71% of the company's stock.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the business's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares of the company's stock, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the sale, the insider now directly owns 635,069 shares of the company's stock, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock valued at $1,839,583 over the last three months. Corporate insiders own 6.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FIBK shares. DA Davidson upgraded First Interstate BancSystem from a "neutral" rating to a "buy" rating and increased their price target for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Barclays upped their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the company an "underweight" rating in a research report on Thursday, December 5th. Stephens reiterated an "overweight" rating and issued a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Wells Fargo & Company boosted their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the company an "underweight" rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler reduced their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem has an average rating of "Hold" and an average price target of $35.17.

First Interstate BancSystem Stock Down 0.4 %

FIBK stock traded down $0.15 during trading on Thursday, reaching $34.29. 349,719 shares of the stock were exchanged, compared to its average volume of 671,999. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $36.77. The firm's 50 day moving average is $32.61 and its 200 day moving average is $30.16. The firm has a market cap of $3.58 billion, a P/E ratio of 15.11 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period last year, the business earned $0.70 EPS. As a group, research analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem's dividend payout ratio is currently 82.46%.

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.