Jonathan Scott Sells 8,071 Shares of First Interstate BancSystem (NASDAQ:FIBK) Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 8,071 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the transaction, the insider directly owned 817,738 shares in the company, valued at approximately $30,493,450.02. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 Up 0.4%

Shares of FIBK opened at $37.46 on Wednesday. The firm has a market cap of $3.57 billion, a P/E ratio of 11.53 and a beta of 0.75. The stock has a 50 day simple moving average of $37.98 and a two-hundred day simple moving average of $36.16. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60.

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

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 57.85%.

Analyst Upgrades and Downgrades

FIBK has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $38.00 to $37.00 in a research report on Monday, August 3rd. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. DA Davidson reiterated a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Finally, Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $36.83.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $529,533,000. Capital International Investors bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $92,504,000. Bank of America Corp DE purchased a new stake in First Interstate BancSystem in the second quarter worth $56,386,000. Norges Bank purchased a new stake in First Interstate BancSystem in the fourth quarter worth $38,029,000. Finally, Bank of New York Mellon Corp bought a new position in First Interstate BancSystem in the second quarter worth $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.