First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Jonathan Scott Sells 8,071 Shares of Stock

Key Points

• Major shareholder Jonathan Scott sold 8,071 FIBK shares at an average price of $37.29, generating approximately $301,000. The sale reduced his direct ownership by 0.98% to 817,738 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 also pays a quarterly dividend of $0.47, equivalent to a 5.0% annualized yield.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $36.83, below the stock’s reported trading price of $37.30.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 8,071 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $37.29, for a total transaction of $300,967.59. Following the transaction, the insider directly owned 817,738 shares in the company, valued at $30,493,450.02. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

First Interstate BancSystem Trading Up 1.0%

FIBK stock traded up $0.38 during midday trading on Monday, reaching $37.30. The stock had a trading volume of 922,720 shares, compared to its average volume of 842,087. The business has a fifty day simple moving average of $38.01 and a two-hundred day simple moving average of $36.15. First Interstate BancSystem, Inc. has a twelve month low of $29.10 and a twelve month high of $40.60. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 11.48 and a beta of 0.75. 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 announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $263.90 million during the quarter, compared to analysts' expectations of $249.32 million. During the same period in the prior year, the business posted $0.69 EPS. First Interstate BancSystem's revenue was up 6.4% on a year-over-year basis. As a group, research analysts expect that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a $0.47 dividend. 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 is 57.85%.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in First Interstate BancSystem by 17.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock worth $70,000 after buying an additional 315 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in First Interstate BancSystem in the second quarter valued at about $26,000. Eurizon Capital SGR S.p.A. bought a new position in First Interstate BancSystem in the fourth quarter worth about $25,000. McIlrath & Eck LLC lifted its position in shares of First Interstate BancSystem by 17.2% during the first quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider's stock valued at $333,000 after buying an additional 1,461 shares during the last quarter. Finally, Allworth Financial LP bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $62,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

First Interstate BancSystem Company Profile

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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