First Interstate BancSystem (NASDAQ:FIBK) Stock: Insider Jonathan Scott Sells 10,000 Shares

Key Points

• Major shareholder Jonathan Scott sold 10,000 shares at an average price of $38.53, worth $385,300. He retained 797,738 shares after the sale.
• First Interstate BancSystem reported quarterly EPS of $0.65, below the $0.68 consensus estimate. The company declared a quarterly dividend of $0.47 per share, equivalent to a 5.0% yield at the reported stock price.
• Analyst sentiment was cautious: MarketBeat’s average rating was “Reduce,” with an average price target of $37.43.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 10,000 shares of the business's stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $38.53, for a total value of $385,300.00. Following the completion of the sale, the insider owned 797,738 shares in the company, valued at $30,736,845.14. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

FIBK traded down $0.76 on Tuesday, hitting $37.66. The company's stock had a trading volume of 105,598 shares, compared to its average volume of 1,163,032. The company's 50 day simple moving average is $36.58 and its 200-day simple moving average is $36.33. The company has a quick ratio of 0.69, a current ratio of 0.68 and a debt-to-equity ratio of 0.09. First Interstate BancSystem, Inc. has a 12 month low of $29.39 and a 12 month high of $40.60. The firm has a market cap of $3.59 billion, a P/E ratio of 11.72 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.03). First Interstate BancSystem had a net margin of 23.30% and a return on equity of 9.49%. The company had revenue of $43.30 million during the quarter, compared to analysts' expectations of $247.93 million. Analysts forecast that First Interstate BancSystem, Inc. will post 2.79 EPS for the current 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 dividend payout ratio is presently 58.57%.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds have recently added to or reduced their stakes in FIBK. Root Financial Partners LLC purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at about $25,000. Integrated Wealth Concepts LLC purchased a new stake in First Interstate BancSystem in the second quarter worth about $26,000. Eurizon Capital SGR S.p.A. bought a new position in shares of First Interstate BancSystem in the third quarter worth about $28,000. Fulcrum Asset Management LLP raised its stake in shares of First Interstate BancSystem by 294.3% in the third quarter. Fulcrum Asset Management LLP now owns 1,388 shares of the financial services provider's stock worth $50,000 after buying an additional 1,036 shares during the period. Finally, Allworth Financial LP purchased a new position in shares of First Interstate BancSystem during 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 commented on FIBK. Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Saturday, October 24th. Benchmark upgraded First Interstate BancSystem to a "hold" rating in a research report on Wednesday, September 23rd. Wells Fargo & Company boosted their target price on First Interstate BancSystem from $34.00 to $36.00 and gave the company an "underweight" rating in a research note on Monday. Stephens upped their target price on First Interstate BancSystem from $37.00 to $38.00 and gave the company an "equal weight" rating in a report on Thursday, October 29th. Finally, DA Davidson reaffirmed a "neutral" rating and issued a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, First Interstate BancSystem currently has an average rating of "Reduce" and an average price target of $37.43.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management.

Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States.

Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.

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