First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells $1,532,300.00 in Stock

Key Points

• Susan Scott Heyneman Trust, a major shareholder of First Interstate BancSystem, sold 55,000 shares for approximately $1.53 million, reducing their ownership by 9.41%.
• First Interstate BancSystem reported an EPS of $0.69 for the last quarter, beating expectations by $0.12, despite revenues slightly missing forecasts.
• The company has announced a quarterly dividend of $0.47 per share, set to be paid on August 21st, with a dividend yield of 6.6%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the completion of the transaction, the insider owned 529,256 shares of the company's stock, valued at approximately $14,745,072.16. The trade was a 9.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Susan Scott Heyneman Trust, Su also recently made the following trade(s):

• On Monday, July 14th, Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock. The shares were sold at an average price of $31.11, for a total value of $1,711,050.00.

First Interstate BancSystem Trading Down 1.3%

Shares of First Interstate BancSystem stock traded down $0.38 during trading on Friday, reaching $28.41. 1,214,189 shares of the company were exchanged, compared to its average volume of 724,838. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem, Inc. has a twelve month low of $22.95 and a twelve month high of $36.77. The business has a 50-day moving average price of $28.74 and a 200-day moving average price of $28.93. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 12.80 and a beta of 0.83.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.86% and a net margin of 14.93%. 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 previous year, the firm earned $0.58 earnings per share. The firm's quarterly revenue was up 1.6% compared to the same quarter last year. Sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Monday, August 11th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.6%. First Interstate BancSystem's payout ratio is 84.68%.

Wall Street Analyst Weigh In

FIBK has been the subject of several research analyst reports. Barclays upgraded First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Wells Fargo & Company boosted their target price on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a research report on Monday, June 23rd. Finally, Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Sunday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem has a consensus rating of "Hold" and a consensus price target of $35.43.

Institutional Investors Weigh In On First Interstate BancSystem

A number of institutional investors have recently made changes to their positions in FIBK. Vanguard Group Inc. grew its stake in First Interstate BancSystem by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider's stock valued at $299,691,000 after acquiring an additional 587,975 shares during the period. FMR LLC grew its stake in First Interstate BancSystem by 35.5% in the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after acquiring an additional 1,778,269 shares during the period. Dimensional Fund Advisors LP grew its stake in First Interstate BancSystem by 3.2% in the first quarter. Dimensional Fund Advisors LP now owns 5,209,671 shares of the financial services provider's stock valued at $149,254,000 after acquiring an additional 163,930 shares during the period. First Interstate Bank lifted its holdings in shares of First Interstate BancSystem by 14.1% in the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock valued at $144,778,000 after purchasing an additional 624,268 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of First Interstate BancSystem by 31.6% in the first quarter. Wellington Management Group LLP now owns 3,193,047 shares of the financial services provider's stock valued at $91,481,000 after purchasing an additional 767,432 shares in the last quarter. 88.71% of the stock is 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.