Insider Selling: First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells $209,311.50 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

First Interstate BancSystem Stock Down 0.2 %

Shares of FIBK opened at $35.35 on Thursday. The firm has a market cap of $3.70 billion, a P/E ratio of 15.50 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem, Inc. has a 52 week low of $24.16 and a 52 week high of $36.77. The firm’s 50-day simple moving average is $31.79 and its 200 day simple moving average is $29.68.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period last year, the company posted $0.70 earnings per share. On average, analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.32%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Analysts Set New Price Targets

Several research analysts have weighed in on FIBK shares. Wells Fargo & Company lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $30.00 to $28.00 in a research report on Tuesday, October 1st. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Thursday. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Piper Sandler dropped their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Finally, Stephens reiterated an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $33.83.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its holdings in First Interstate BancSystem by 28.5% in the 1st quarter. Russell Investments Group Ltd. now owns 44,410 shares of the financial services provider’s stock valued at $1,209,000 after purchasing an additional 9,860 shares during the period. Price T Rowe Associates Inc. MD grew its position in First Interstate BancSystem by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock worth $1,413,000 after buying an additional 2,940 shares in the last quarter. Bayesian Capital Management LP bought a new position in First Interstate BancSystem during the 1st quarter worth $286,000. CWM LLC raised its holdings in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of First Interstate BancSystem by 79.5% during the 2nd quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock valued at $500,000 after acquiring an additional 7,979 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.