Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells 8,071 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 8,071 shares of First Interstate BancSystem stock in a transaction on Monday, September 14th. The stock was sold at an average price of $37.29, for a total transaction of $300,967.59. Following the sale, the insider owned 817,738 shares of the company’s stock, valued at $30,493,450.02. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large 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

NASDAQ FIBK traded up $0.38 on Monday, reaching $37.30. 922,720 shares of the company’s stock traded hands, compared to its average volume of 842,087. First Interstate BancSystem, Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 11.48 and a beta of 0.75. The stock has a 50 day moving average price of $38.01 and a 200-day moving average price of $36.15.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. The firm had revenue of $263.90 million for the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 EPS. Equities research analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is currently 57.85%.

Institutional Investors Weigh In On First Interstate BancSystem

A number of large investors have recently added to or reduced their stakes in FIBK. Integrated Wealth Concepts LLC purchased a new stake in shares of First Interstate BancSystem in the second quarter valued at $26,000. NewEdge Advisors LLC purchased a new stake in shares of First Interstate BancSystem during the second quarter worth about $232,000. IFP Advisors Inc raised its position in shares of First Interstate BancSystem by 3,833.3% in the second quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider’s stock valued at $132,000 after buying an additional 3,335 shares during the last quarter. Squarepoint Ops LLC lifted its stake in shares of First Interstate BancSystem by 3.0% during the second quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider’s stock valued at $4,811,000 after buying an additional 3,643 shares during the period. Finally, Amundi boosted its position in First Interstate BancSystem by 97.0% during the second quarter. Amundi now owns 49,196 shares of the financial services provider’s stock worth $1,897,000 after acquiring an additional 24,220 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on FIBK. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Wells Fargo & Company reiterated an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Finally, DA Davidson reiterated a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $36.83.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.