First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Jonathan Scott Sells 4,500 Shares

Key Points

• Major shareholder Jonathan Scott sold 4,500 shares of First Interstate BancSystem at an average price of $36.29, totaling about $163,305. After the sale, he still owned 862,128 shares worth roughly $31.3 million.
• FIBK shares rose 1.2% to $36.08 in Thursday trading, with the company valuing at about $3.5 billion and trading near its 52-week high of $39.26.
• The bank continues to pay a sizable dividend, recently distributing $0.47 per share quarterly, which annualizes to $1.88 per share and a yield of about 5.2%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 4,500 shares of the business's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the sale, the insider directly owned 862,128 shares of the company's stock, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Trading Up 1.2%

FIBK traded up $0.44 on Thursday, hitting $36.08. 320,107 shares of the company were exchanged, compared to its average volume of 1,159,705. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a fifty day simple moving average of $35.13 and a two-hundred day simple moving average of $35.34. The stock has a market capitalization of $3.50 billion, a PE ratio of 11.74 and a beta of 0.76. First Interstate BancSystem, Inc. has a 12 month low of $26.16 and a 12 month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The firm had revenue of $5.10 million during the quarter, compared to the consensus estimate of $242.78 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. Sell-side analysts expect 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 declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 5.2%. First Interstate BancSystem's dividend payout ratio is presently 61.24%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FIBK. UBS Group boosted their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research report on Friday, May 1st. Piper Sandler reduced their price target on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Wells Fargo & Company upped their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a research report on Monday, March 30th. Weiss Ratings lowered First Interstate BancSystem from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Finally, DA Davidson cut First Interstate BancSystem from a "buy" rating to a "neutral" rating and reduced their target price for the company from $41.00 to $39.00 in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $37.00.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FIBK. Eurizon Capital SGR S.p.A. bought a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $25,000. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC lifted its position in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 862 shares in the last quarter. First Horizon Corp boosted its stake in First Interstate BancSystem by 56.0% during the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 455 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in First Interstate BancSystem by 1,485.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 1,500 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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