First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $21,687.10 in Stock

Key Points

• Major shareholder Jonathan Scott sold 685 shares of First Interstate BancSystem stock for a total of $21,687.10, reducing his ownership by 0.07% to approximately 952,824 shares.
• The company's stock price fell 1.2% to $31.35, with a 12-month trading range between $22.95 and $36.77.
• First Interstate BancSystem announced a quarterly dividend of $0.47 per share, translating to an annual yield of 6.0% and a payout ratio of 84.68%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 685 shares of the company's stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $31.66, for a total transaction of $21,687.10. Following the sale, the insider directly owned 952,824 shares in the company, valued at approximately $30,166,407.84. The trade was a 0.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major 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 Down 1.2%

FIBK traded down $0.37 during trading hours on Thursday, hitting $31.35. 706,417 shares of the company's stock were exchanged, compared to its average volume of 839,207. First Interstate BancSystem, Inc. has a 12-month low of $22.95 and a 12-month high of $36.77. The firm has a 50 day moving average of $31.52 and a 200 day moving average of $29.10. The firm has a market cap of $3.29 billion, a P/E ratio of 14.12 and a beta of 0.79. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.19.

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, beating analysts' consensus estimates of $0.57 by $0.12. The company had revenue of $248.30 million for the quarter, compared to the consensus estimate of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The company's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 EPS. Analysts predict that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend was Monday, August 11th. First Interstate BancSystem's dividend payout ratio is currently 84.68%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FIBK shares. DA Davidson raised their target price on First Interstate BancSystem from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Weiss Ratings restated a "hold (c+)" rating on shares of First Interstate BancSystem in a research report on Wednesday. Barclays upped their target price on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Wednesday. Wells Fargo & Company boosted their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an "underweight" rating in a research note on Monday, September 29th. Finally, Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $35.43.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of First Interstate BancSystem by 186.5% in the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock worth $29,000 after acquiring an additional 647 shares during the last quarter. JNBA Financial Advisors purchased a new stake in shares of First Interstate BancSystem during the first quarter valued at approximately $29,000. Quarry LP raised its stake in shares of First Interstate BancSystem by 63.8% during the first quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 450 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 862 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in shares of First Interstate BancSystem by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 4,494 shares during the period. 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.

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