Wellington Management Group LLP Sells 114,094 Shares of First Interstate BancSystem, Inc. $FIBK

Wellington Management Group LLP lowered its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,768,343 shares of the financial services provider’s stock after selling 114,094 shares during the period. Wellington Management Group LLP owned approximately 3.95% of First Interstate BancSystem worth $145,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in First Interstate BancSystem in the 2nd quarter valued at about $529,533,000. Vanguard Group Inc. grew its stake in First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after acquiring an additional 1,214,454 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of First Interstate BancSystem by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock valued at $188,066,000 after acquiring an additional 231,405 shares in the last quarter. State Street Corp raised its position in shares of First Interstate BancSystem by 29.7% during the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after purchasing an additional 1,254,321 shares during the period. Finally, Capital International Investors acquired a new stake in First Interstate BancSystem in the 4th quarter valued at $92,504,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $36.81 on Tuesday. The firm has a market cap of $3.51 billion, a PE ratio of 11.33 and a beta of 0.76. The stock’s fifty day moving average price is $38.31 and its two-hundred day moving average price is $36.15. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. During the same quarter in the prior year, the company earned $0.69 EPS. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a $0.47 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 57.85%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the sale, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares of the company’s stock, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 32,392 shares of company stock worth $1,161,552. Insiders own 8.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Finally, DA Davidson reiterated a “neutral” rating and issued a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $36.83.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.