First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down After Insider Selling

First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Free Report) shares gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $25.99, but opened at $25.25. First Interstate BancSystem shares last traded at $25.41, with a volume of 65,219 shares.

Specifically, Director Jonathan R. Scott sold 29,499 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the completion of the transaction, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder Julie A. Scott sold 209,831 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the transaction, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Piper Sandler boosted their price objective on First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday. Barclays upped their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Finally, Keefe, Bruyette & Woods upped their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $30.20.

Get Our Latest Analysis on First Interstate BancSystem

First Interstate BancSystem Price Performance

The company has a 50-day simple moving average of $26.57 and a 200-day simple moving average of $27.39. The stock has a market cap of $2.64 billion, a PE ratio of 10.05 and a beta of 0.82. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBKGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.04. The firm had revenue of $242.20 million during the quarter, compared to analysts’ expectations of $236.80 million. First Interstate BancSystem had a return on equity of 8.51% and a net margin of 17.76%. Sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 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 16th. Shareholders of record on Monday, May 6th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 7.45%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s payout ratio is 74.90%.

Institutional Trading of First Interstate BancSystem

Several large investors have recently bought and sold shares of FIBK. Global Retirement Partners LLC grew its holdings in First Interstate BancSystem by 132.8% in the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 530 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in First Interstate BancSystem in the fourth quarter valued at $39,000. Parallel Advisors LLC grew its holdings in First Interstate BancSystem by 205.3% in the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 856 shares during the last quarter. CWM LLC grew its holdings in First Interstate BancSystem by 42.1% in the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 702 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 744 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

About First Interstate BancSystem

(Get Free Report)

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.

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