Jonathan Scott Sells 5,600 Shares of First Interstate BancSystem (NASDAQ:FIBK) Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 5,600 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $32.01, for a total value of $179,256.00. Following the completion of the transaction, the insider directly owned 953,509 shares of the company’s stock, valued at approximately $30,521,823.09. The trade was a 0.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Trading Down 1.2%

Shares of FIBK opened at $31.35 on Friday. First Interstate BancSystem, Inc. has a 1 year low of $22.95 and a 1 year high of $36.77. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19. The stock has a 50 day simple moving average of $31.57 and a 200-day simple moving average of $29.11. The stock has a market cap of $3.29 billion, a PE ratio of 14.12 and a beta of 0.79.

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

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.0%. First Interstate BancSystem’s dividend payout ratio is presently 84.68%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FIBK shares. Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Monday, August 11th. Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Wednesday. DA Davidson increased their price target on First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price target on the stock in a research report on Monday, June 23rd. Finally, Wells Fargo & Company increased their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, First Interstate BancSystem presently has an average rating of “Hold” and a consensus target price of $35.43.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FIBK. HoldCo Asset Management LP bought a new position in First Interstate BancSystem in the 2nd quarter valued at $102,890,000. Nuveen LLC bought a new position in First Interstate BancSystem in the 1st quarter valued at $32,796,000. Norges Bank bought a new position in First Interstate BancSystem in the 2nd quarter valued at $29,082,000. Wellington Management Group LLP boosted its position in First Interstate BancSystem by 31.6% in the 1st quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider’s stock valued at $91,481,000 after buying an additional 767,432 shares during the last quarter. Finally, First Interstate Bank boosted its position in First Interstate BancSystem by 14.1% in the 1st quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider’s stock valued at $144,778,000 after buying an additional 624,268 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Company Profile

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.