Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells 4,500 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 4,500 shares of First Interstate BancSystem stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the sale, the insider owned 862,128 shares of the company’s stock, valued at $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

FIBK traded up $0.44 during midday trading on Thursday, hitting $36.08. 320,107 shares of the company traded hands, compared to its average volume of 1,159,705. The company’s 50-day moving average is $35.13 and its 200 day moving average is $35.34. First Interstate BancSystem, Inc. has a 52 week low of $26.16 and a 52 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 capitalization of $3.50 billion, a PE ratio of 11.74 and a beta of 0.76.

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

First Interstate BancSystem Dividend Announcement

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

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently modified their holdings of the stock. Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem during the fourth quarter worth $25,000. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem during the fourth quarter valued at $29,000. EverSource Wealth Advisors LLC increased its holdings in First Interstate BancSystem by 139.3% in 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 last quarter. First Horizon Corp lifted 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 worth $44,000 after purchasing an additional 455 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Piper Sandler lowered their target price on shares of 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. Weiss Ratings downgraded shares of First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. DA Davidson lowered First Interstate BancSystem from a “buy” rating to a “neutral” rating and cut their price target for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.00.

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.