First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Jonathan Scott Sells 12,892 Shares

Key Points

• Major shareholder Jonathan Scott sold 12,892 shares of First Interstate BancSystem at an average price of $35.58, for proceeds of about $458,697. After the transaction, he still held 866,628 shares.
• The company beat quarterly EPS estimates, reporting $0.61 per share versus the expected $0.60, while analysts now forecast full-year EPS of 2.66.
• First Interstate BancSystem recently paid a quarterly dividend of $0.47 per share, equal to an annualized yield of 5.3%. Analyst sentiment remains cautious overall, with a consensus rating of Hold and a $37 price target.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 12,892 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the sale, the insider directly owned 866,628 shares in the company, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

First Interstate BancSystem Price Performance

NASDAQ:FIBK traded up $1.40 on Thursday, reaching $35.72. 853,251 shares of the company's stock traded hands, compared to its average volume of 1,189,926. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a 50-day simple moving average of $34.58 and a 200-day simple moving average of $35.01. The firm has a market cap of $3.47 billion, a PE ratio of 11.64 and a beta of 0.76. First Interstate BancSystem, Inc. has a 12 month low of $25.81 and a 12 month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The business had revenue of $5.10 million for the quarter, compared to analysts' expectations of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same period last year, the firm earned $0.49 earnings per share. Equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem's payout ratio is currently 61.24%.

Analyst Upgrades and Downgrades

FIBK has been the topic of several analyst reports. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Weiss Ratings raised First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 15th. Wall Street Zen raised First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Tuesday, May 19th. DA Davidson cut First Interstate BancSystem from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. Finally, Piper Sandler reduced their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $37.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Northern Capital Management Inc. lifted its holdings in shares of First Interstate BancSystem by 0.5% during the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider's stock valued at $1,803,000 after purchasing an additional 275 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 315 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider's stock valued at $491,000 after purchasing an additional 375 shares during the last quarter. Alliancebernstein L.P. raised its stake in First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock worth $3,461,000 after acquiring an additional 397 shares during the last quarter. Finally, First Horizon Corp raised its stake in First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock worth $44,000 after acquiring an additional 455 shares during the last quarter. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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