First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Jonathan Scott Sells 16,929 Shares of Stock

Key Points

• Major shareholder Jonathan Scott sold 16,929 FIBK shares for approximately $626,881 at an average price of $37.03, reducing his position by 2.01% to 825,809 shares.
• First Interstate BancSystem reported quarterly EPS of $0.87, beating estimates of $0.69, while revenue rose 6.4% year over year to $263.9 million.
• The company pays a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a 5.0% yield. Analysts maintain a broadly cautious view, with an average “Reduce” rating and a $36.83 target price.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 16,929 shares of the business's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the sale, the insider directly owned 825,809 shares in the company, valued at approximately $30,579,707.27. This represents a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large 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 Stock Performance

Shares of FIBK stock traded up $0.43 during trading hours on Monday, hitting $37.35. The company's stock had a trading volume of 448,162 shares, compared to its average volume of 1,138,589. The stock has a market cap of $3.56 billion, a PE ratio of 11.49 and a beta of 0.75. The company has a 50 day moving average of $38.06 and a 200 day moving average of $36.14. First Interstate BancSystem, Inc. has a 12-month low of $29.10 and a 12-month high of $40.60. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The business had revenue of $263.90 million during the quarter, compared to analysts' expectations of $249.32 million. During the same quarter in the previous year, the firm posted $0.69 EPS. The company's revenue for the quarter was up 6.4% on a year-over-year basis. On average, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio (DPR) is currently 57.85%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FIBK. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. DA Davidson restated a "neutral" rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Finally, Barclays downgraded First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $36.83.

Institutional Investors Weigh In On First Interstate BancSystem

Several large investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new position in First Interstate BancSystem in the 1st quarter valued at $1,303,000. Hsbc Holdings PLC purchased a new stake in shares of First Interstate BancSystem during the fourth quarter worth $2,127,000. Rice Hall James & Associates LLC acquired a new stake in shares of First Interstate BancSystem in the second quarter valued at about $3,853,000. BlackRock Inc. acquired a new stake in shares of First Interstate BancSystem in the second quarter valued at about $529,533,000. Finally, SG Americas Securities LLC lifted its stake in shares of First Interstate BancSystem by 43.5% in the first quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider's stock worth $3,624,000 after buying an additional 32,914 shares in the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.

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