Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $458,697.36 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 12,892 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares of the company’s stock, valued at $30,834,624.24. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Trading Down 0.4%

NASDAQ:FIBK opened at $35.57 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 11.59 and a beta of 0.76. The firm has a fifty day simple moving average of $34.67 and a two-hundred day simple moving average of $35.04. First Interstate BancSystem, Inc. has a 12 month low of $25.81 and a 12 month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $5.10 million during the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same period last year, the company posted $0.49 earnings per share. Analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 61.24%.

Wall Street Analysts Forecast Growth

FIBK has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 15th. Wells Fargo & Company raised their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday, March 30th. UBS Group raised their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, May 1st. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Saturday. Finally, Piper Sandler dropped their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Two investment 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. Based on data from MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and a consensus target price of $37.00.

Institutional Trading of First Interstate BancSystem

Several hedge funds have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC raised its position in First Interstate BancSystem by 17.2% in the first quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider’s stock worth $333,000 after acquiring an additional 1,461 shares during the period. Bank of America Corp DE raised its position in First Interstate BancSystem by 1.4% in the first quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider’s stock worth $59,388,000 after acquiring an additional 24,250 shares during the period. Amundi raised its position in First Interstate BancSystem by 88.4% in the first quarter. Amundi now owns 24,976 shares of the financial services provider’s stock worth $834,000 after acquiring an additional 11,720 shares during the period. EverSource Wealth Advisors LLC raised its position in First Interstate BancSystem by 17.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 315 shares during the period. Finally, California State Teachers Retirement System raised its position in First Interstate BancSystem by 36.9% in the first quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider’s stock worth $3,793,000 after acquiring an additional 30,614 shares during the period. Institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

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.