Insider Selling: First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells $1,711,050.00 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $31.11, for a total value of $1,711,050.00. Following the completion of the sale, the insider directly owned 584,256 shares of the company’s stock, valued at $18,176,204.16. This represents a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Price Performance

FIBK opened at $30.77 on Friday. The stock has a 50-day moving average price of $28.16 and a 200-day moving average price of $29.13. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $3.23 billion, a P/E ratio of 14.58 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. The business had revenue of $42.00 million during the quarter, compared to analysts’ expectations of $253.50 million. During the same quarter last year, the business posted $0.57 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were given a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 annualized dividend and a dividend yield of 6.11%. First Interstate BancSystem’s payout ratio is 89.10%.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently made changes to their positions in FIBK. Quarry LP raised its stake in First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 450 shares during the last quarter. Deutsche Bank AG boosted its holdings in First Interstate BancSystem by 0.7% in the 1st quarter. Deutsche Bank AG now owns 70,065 shares of the financial services provider’s stock worth $2,007,000 after buying an additional 455 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in First Interstate BancSystem by 1.9% in the 4th quarter. Evergreen Capital Management LLC now owns 24,580 shares of the financial services provider’s stock worth $798,000 after buying an additional 468 shares during the last quarter. Covestor Ltd boosted its holdings in First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock worth $81,000 after buying an additional 510 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in First Interstate BancSystem by 186.5% in the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after buying an additional 647 shares during the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Barclays upgraded First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $28.00 to $32.00 in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price target for the company in a research note on Monday, June 23rd. Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, May 10th. Finally, Wells Fargo & Company increased their target price on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an “underweight” rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.43.

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.