Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $440,114.35 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 13,715 shares of the stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $32.09, for a total value of $440,114.35. Following the transaction, the insider owned 959,109 shares of the company’s stock, valued at $30,777,807.81. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $30.36 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The stock has a fifty day moving average price of $31.61 and a two-hundred day moving average price of $29.12. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77. The firm has a market capitalization of $3.18 billion, a P/E ratio of 13.68 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. The firm had revenue of $248.30 million for the quarter, compared to analysts’ expectations of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share. As a group, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem’s dividend payout ratio is currently 84.68%.

Analysts Set New Price Targets

FIBK has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Wednesday. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Barclays boosted their price objective on First Interstate BancSystem from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Wednesday. DA Davidson boosted their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Finally, Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and an average price target of $35.43.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in shares of First Interstate BancSystem by 186.5% in the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 647 shares during the last quarter. JNBA Financial Advisors bought a new position in shares of First Interstate BancSystem in the 1st quarter valued at about $29,000. Quarry LP boosted its stake in shares of First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 450 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of 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 purchasing an additional 862 shares during the period. Finally, Exchange Traded Concepts LLC lifted its stake in shares of First Interstate BancSystem by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 4,494 shares during the period. Institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

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.