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

Wellington Management Group LLP trimmed its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 2.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 3,768,343 shares of the financial services provider’s stock after selling 114,094 shares during the period. Wellington Management Group LLP’s holdings in First Interstate BancSystem were worth $145,307,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FIBK. BlackRock Inc. purchased a new position in First Interstate BancSystem during the second quarter valued at approximately $529,533,000. Vanguard Group Inc. lifted its stake in First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after purchasing an additional 1,214,454 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Interstate BancSystem by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock valued at $188,066,000 after purchasing an additional 231,405 shares during the period. State Street Corp boosted its holdings in First Interstate BancSystem by 29.7% in the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after purchasing an additional 1,254,321 shares during the period. Finally, Capital International Investors purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at $92,504,000. 88.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider directly owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by corporate insiders.

First Interstate BancSystem Stock Down 0.6%

Shares of FIBK opened at $36.81 on Tuesday. The firm has a market cap of $3.51 billion, a P/E ratio of 11.33 and a beta of 0.76. The stock has a 50 day simple moving average of $38.31 and a two-hundred day simple moving average of $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 EPS for the quarter, topping the consensus estimate of $0.69 by $0.18. The firm had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $0.69 earnings per share. On average, analysts forecast that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend 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 currently 57.85%.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several research analyst reports. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. DA Davidson restated a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Wells Fargo & Company restated an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Finally, Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of “Reduce” and a consensus target price 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.