First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Jonathan Scott Sells 4,175 Shares of Stock

Key Points

• Major shareholder Jonathan Scott sold 4,175 FIBK shares at an average price of $37.31, totaling approximately $155,769. He retained 807,738 shares after the transaction.
• First Interstate BancSystem shares rose 2.4% to $37.68, while the company’s latest quarterly results showed EPS of $0.65, below the $0.68 consensus estimate, despite revenue slightly exceeding expectations.
• The company declared a quarterly dividend of $0.47 per share, equivalent to an annualized $1.88 payout and a 5.0% yield. Analysts’ average rating is “Reduce,” with an average price target of $37.00.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 4,175 shares of the stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $37.31, for a total transaction of $155,769.25. Following the completion of the sale, the insider owned 807,738 shares in the company, valued at $30,136,704.78. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Trading Up 2.4%

First Interstate BancSystem stock traded up $0.90 during midday trading on Monday, hitting $37.68. 1,641,737 shares of the stock were exchanged, compared to its average volume of 1,162,492. The company has a fifty day simple moving average of $36.50 and a two-hundred day simple moving average of $36.57. First Interstate BancSystem, Inc. has a 52 week low of $29.39 and a 52 week high of $40.60. The stock has a market capitalization of $3.59 billion, a PE ratio of 11.74 and a beta of 0.73. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.03). The firm had revenue of $249.50 million during the quarter, compared to the consensus estimate of $247.93 million. First Interstate BancSystem had a net margin of 29.18% and a return on equity of 9.49%. Equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.88 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, November 3rd will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. First Interstate BancSystem's payout ratio is 58.57%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays raised their price objective on First Interstate BancSystem from $37.00 to $38.00 and gave the stock an "underweight" rating in a research note on Monday, October 5th. Wall Street Zen cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Saturday. Wells Fargo & Company reissued an "underweight" rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Benchmark upgraded First Interstate BancSystem to a "hold" rating in a report on Wednesday, September 23rd. Finally, DA Davidson reaffirmed a "neutral" rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average target price of $37.00.

Institutional Trading of First Interstate BancSystem

A number of institutional investors have recently made changes to their positions in FIBK. Root Financial Partners LLC bought a new stake in First Interstate BancSystem during the 3rd quarter worth about $25,000. Vest Financial LLC boosted its stake in shares of First Interstate BancSystem by 3.5% during the 3rd quarter. Vest Financial LLC now owns 57,445 shares of the financial services provider's stock worth $2,053,000 after buying an additional 1,925 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in shares of First Interstate BancSystem by 18.1% during the 3rd quarter. AdvisorNet Financial Inc now owns 6,055 shares of the financial services provider's stock worth $208,000 after buying an additional 930 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of First Interstate BancSystem by 31.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider's stock valued at $96,000 after acquiring an additional 639 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of First Interstate BancSystem in the 2nd quarter valued at about $26,000. Institutional investors own 88.71% of the company's stock.

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, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.

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