Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $539,550.00 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Julie Scott sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $36.43 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $26.16 and a 1 year high of $39.26. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 11.87 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a fifty day moving average of $35.24 and a 200-day moving average of $35.37.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The business had revenue of $5.10 million during the quarter, compared to analyst estimates of $242.78 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem’s payout ratio is presently 61.24%.

Hedge Funds Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $25,000. Kestra Advisory Services LLC acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its stake in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 862 shares during the period. First Horizon Corp increased its stake in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 455 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in First Interstate BancSystem by 1,485.1% during the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FIBK shares. DA Davidson lowered shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and dropped their price target for the company from $41.00 to $39.00 in a research note on Wednesday, May 27th. Weiss Ratings downgraded First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday. UBS Group increased their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Wells Fargo & Company boosted their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $37.00.

First Interstate BancSystem Company 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.