Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $163,305.00 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 4,500 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Price Performance

FIBK opened at $36.43 on Friday. First Interstate BancSystem, Inc. has a fifty-two week low of $26.16 and a fifty-two week high of $39.26. 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 company has a market capitalization of $3.54 billion, a P/E ratio of 11.87 and a beta of 0.76. The stock has a fifty day moving average of $35.24 and a 200-day moving average of $35.37.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.10 million during the quarter, compared to analysts’ expectations of $242.78 million. During the same quarter in the previous year, the business posted $0.49 earnings per share. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

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

Analyst Upgrades and Downgrades

FIBK has been the subject of several recent analyst reports. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. UBS Group boosted their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research report on Friday, May 1st. Piper Sandler dropped their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Finally, Weiss Ratings downgraded shares of First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $37.00.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently modified their holdings of the business. Eurizon Capital SGR S.p.A. purchased a new stake in shares of First Interstate BancSystem during the 4th quarter valued at approximately $25,000. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem in the 4th quarter valued at approximately $29,000. First Horizon Corp grew its stake in First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after buying an additional 455 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in First Interstate BancSystem by 139.3% during the 2nd 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. Finally, GAMMA Investing LLC raised its holdings in First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 516 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

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.