First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $626,880.87 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 16,929 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $37.03, for a total value of $626,880.87. Following the sale, the insider directly owned 825,809 shares in the company, valued at $30,579,707.27. This trade represents a 2.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Major 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 Price Performance

FIBK stock opened at $36.92 on Thursday. The business has a 50 day moving average price of $37.95 and a 200 day moving average price of $36.16. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 11.36 and a beta of 0.75. First Interstate BancSystem, Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.69 by $0.18. The company had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 earnings per share. Equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.1%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Analyst Upgrades and Downgrades

FIBK has been the subject of a number of research reports. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. DA Davidson reissued a “neutral” rating and issued a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reissued an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Finally, Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $36.83.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FIBK. BlackRock Inc. acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter worth $529,533,000. Capital International Investors acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth about $92,504,000. Bank of America Corp DE acquired a new position in shares of First Interstate BancSystem during the second quarter worth about $56,386,000. Norges Bank acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth about $38,029,000. Finally, Bank of New York Mellon Corp purchased a new position in First Interstate BancSystem during the second quarter worth about $38,663,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.