Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $30,525.00 in Stock

Key Points

• Major shareholder Jonathan Scott sold 825 FIBK shares for $30,525, reducing his ownership by 0.10% to 811,913 shares.
• First Interstate BancSystem reported quarterly EPS of $0.65, below the $0.68 analyst consensus, while revenue of $249.5 million exceeded expectations.
• The company declared a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a 5.0% yield. Analysts maintain a consensus “Reduce” rating with an average price target of $37.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 825 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $37.00, for a total transaction of $30,525.00. Following the sale, the insider directly owned 811,913 shares of the company's stock, valued at approximately $30,040,781. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

First Interstate BancSystem Price Performance

Shares of FIBK traded up $0.90 during trading hours 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 debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. First Interstate BancSystem, Inc. has a 12-month low of $29.39 and a 12-month high of $40.60. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 11.74 and a beta of 0.73. The stock's 50-day moving average price is $36.50 and its two-hundred day moving average price is $36.57.

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

First Interstate BancSystem Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently commented on FIBK shares. Benchmark upgraded First Interstate BancSystem to a "hold" rating in a research note on Wednesday, September 23rd. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Saturday. DA Davidson restated a "neutral" rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. 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. Finally, Barclays increased their price objective on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an "underweight" rating in a research note on Monday, October 5th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $37.00.

Institutional Trading of First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Root Financial Partners LLC purchased a new position in First Interstate BancSystem in the third quarter valued at about $25,000. Vest Financial LLC raised 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 purchasing an additional 1,925 shares in the last quarter. AdvisorNet Financial Inc lifted its holdings 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 valued at $208,000 after buying an additional 930 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of First Interstate BancSystem by 31.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider's stock valued at $96,000 after buying an additional 639 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $26,000. 88.71% of the stock is owned by institutional investors and hedge funds.

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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