First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Jonathan Scott Sells 12,892 Shares

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 12,892 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the sale, the insider directly owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large 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 $1.40 during midday trading on Thursday, hitting $35.72. 853,251 shares of the company were exchanged, compared to its average volume of 1,189,926. The company’s 50 day simple moving average is $34.58 and its 200 day simple moving average is $35.01. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 11.64 and a beta of 0.76. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 1-year low of $25.81 and a 1-year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $5.10 million for the quarter, compared to the consensus estimate 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 period last year, the firm earned $0.49 EPS. As a group, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. purchased a new position in First Interstate BancSystem in the 4th quarter worth approximately $25,000. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC lifted its stake 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 worth $43,000 after purchasing an additional 862 shares in 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. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FIBK has been the topic of several analyst reports. Wells Fargo & Company increased their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Stephens downgraded First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. UBS Group raised their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, May 1st. Finally, Piper Sandler lowered their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $37.00.

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.