Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells 13,715 Shares of Stock

Key Points

• Major shareholder Jonathan Scott sold 13,715 shares of First Interstate BancSystem stock at an average price of $32.09, reducing his ownership by 1.41%.
• First Interstate BancSystem's stock recently traded at $31.72, reflecting a recent decrease in trading volume while the company holds a market cap of $3.33 billion.
• The company declared a quarterly dividend of $0.47 per share, reflecting an annualized yield of 5.9% with a payout ratio of 84.68%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 13,715 shares of the firm's stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $32.09, for a total transaction of $440,114.35. Following the sale, the insider owned 959,109 shares of the company's stock, valued at approximately $30,777,807.81. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock traded down $0.12 during midday trading on Wednesday, hitting $31.72. The company's stock had a trading volume of 521,352 shares, compared to its average volume of 978,204. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.74. The company has a 50-day moving average price of $31.52 and a two-hundred day moving average price of $29.10. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 14.29 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. The business had revenue of $248.30 million during the quarter, compared to analysts' expectations of $253.73 million. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The business's revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.58 EPS. As a group, sell-side analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.88 annualized dividend and a dividend yield of 5.9%. First Interstate BancSystem's payout ratio is 84.68%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FIBK shares. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a report on Monday, June 23rd. Barclays boosted their target price on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the stock an "equal weight" rating in a report on Wednesday. Wells Fargo & Company boosted their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an "underweight" rating in a report on Monday, September 29th. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Monday, August 11th. Finally, DA Davidson boosted their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and a consensus target price of $35.43.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FIBK. GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 2,336.8% in the 1st quarter. GAMMA Investing LLC now owns 9,942 shares of the financial services provider's stock worth $285,000 after acquiring an additional 9,534 shares in the last quarter. First Interstate Bank grew its position in First Interstate BancSystem by 14.1% during the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock valued at $144,778,000 after buying an additional 624,268 shares during the period. KBC Group NV grew its position in First Interstate BancSystem by 26.4% during the first quarter. KBC Group NV now owns 5,079 shares of the financial services provider's stock valued at $146,000 after buying an additional 1,061 shares during the period. Brown Advisory Inc. grew its position in First Interstate BancSystem by 1.1% during the first quarter. Brown Advisory Inc. now owns 1,017,252 shares of the financial services provider's stock valued at $29,144,000 after buying an additional 11,209 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in First Interstate BancSystem by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after buying an additional 4,494 shares during the period. Institutional investors and hedge funds own 88.71% of the company's stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.

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