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 company’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 completion of the sale, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Trading Up 2.2%

NASDAQ FIBK traded up $0.79 during trading on Thursday, reaching $36.43. 2,426,846 shares of the stock traded hands, compared to its average volume of 1,178,048. The stock’s 50-day moving average price is $35.13 and its 200 day moving average price is $35.34. 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 quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 11.87 and a beta of 0.76.

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

First Interstate BancSystem Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have weighed in on FIBK shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Piper Sandler cut their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Weiss Ratings cut shares of First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday. DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Finally, Wells Fargo & Company upped their price target on shares of 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. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus price target of $37.00.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital International Investors acquired a new position in First Interstate BancSystem during the fourth quarter worth approximately $92,504,000. State Street Corp lifted its position in shares of First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after buying an additional 1,254,321 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of First Interstate BancSystem by 13.7% during the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after acquiring an additional 1,214,454 shares during the period. Azora Capital LP boosted its stake in shares of First Interstate BancSystem by 1,538.7% during the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock worth $40,656,000 after acquiring an additional 1,197,843 shares during the period. Finally, North Reef Capital Management LP increased its holdings in shares of First Interstate BancSystem by 132.4% during the 4th quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock worth $68,335,000 after acquiring an additional 1,124,999 shares during the last quarter. 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.