Wellington Management Group LLP Has $78.76 Million Position in First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Wellington Management Group LLP boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) by 88.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,425,615 shares of the financial services provider’s stock after acquiring an additional 1,137,401 shares during the period. Wellington Management Group LLP owned 2.32% of First Interstate BancSystem worth $78,760,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FIBK. Swiss National Bank increased its position in shares of First Interstate BancSystem by 0.5% in the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider’s stock worth $6,008,000 after purchasing an additional 1,000 shares during the period. KBC Group NV grew its stake in First Interstate BancSystem by 34.1% during the fourth quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after buying an additional 1,022 shares in the last quarter. Point72 DIFC Ltd bought a new position in First Interstate BancSystem in the 3rd quarter valued at about $34,000. Rhumbline Advisers raised its position in shares of First Interstate BancSystem by 1.4% in the 4th quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock valued at $4,220,000 after buying an additional 1,785 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP lifted its holdings in shares of First Interstate BancSystem by 12.4% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 18,067 shares of the financial services provider’s stock worth $587,000 after acquiring an additional 1,995 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FIBK shares. UBS Group started coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective on the stock. DA Davidson reissued a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday, January 30th. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Piper Sandler decreased their target price 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. Finally, Stephens dropped their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.14.

Insiders Place Their Bets

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the transaction, the director now directly owns 1,414,886 shares of the company’s stock, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 6.90% of the company’s stock.

First Interstate BancSystem Trading Down 3.6 %

NASDAQ:FIBK opened at $24.72 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem, Inc. has a one year low of $23.81 and a one year high of $36.77. The company has a market cap of $2.58 billion, a PE ratio of 11.29 and a beta of 0.84. The firm has a 50-day moving average of $30.38 and a 200-day moving average of $31.62.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Monday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 7.61%. The ex-dividend date was Monday, February 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 85.84%.

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.