Jonathan Scott Sells 5,600 Shares of First Interstate BancSystem (NASDAQ:FIBK) Stock

Key Points

• Jonathan Scott, a major shareholder of First Interstate BancSystem, sold 5,600 shares at an average price of $32.01, reducing his ownership by 0.58% and retaining 953,509 shares valued at approximately $30.5 million.
• The company reported a $0.69 EPS for the last quarter, exceeding analysts' expectations of $0.57, with total revenue of $248.30 million, slightly below the forecast of $253.73 million.
• First Interstate BancSystem recently declared a quarterly dividend of $0.47 per share, representing an annual dividend yield of 5.9% and a payout ratio of 84.68%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 5,600 shares of the firm's stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $32.01, for a total transaction of $179,256.00. Following the sale, the insider owned 953,509 shares of the company's stock, valued at approximately $30,521,823.09. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded down $0.12 during trading on Wednesday, reaching $31.72. 521,352 shares of the company traded hands, compared to its average volume of 978,204. The firm has a 50 day simple moving average of $31.52 and a 200-day simple moving average of $29.10. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3.33 billion, a PE ratio of 14.29 and a beta of 0.79. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. First Interstate BancSystem had a net margin of 16.04% and a return on equity of 6.82%. The company had revenue of $248.30 million for the quarter, compared to analysts' expectations of $253.73 million. During the same quarter last year, the business earned $0.58 EPS. The firm's revenue was up 1.6% compared to the same quarter last year. Equities research analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. JNBA Financial Advisors acquired a new position in First Interstate BancSystem in the 1st quarter valued at $29,000. GAMMA Investing LLC raised its stake in First Interstate BancSystem by 186.5% in the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 647 shares during the last quarter. Quarry LP raised its stake in First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 450 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in First Interstate BancSystem by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 4,494 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

Wall Street Analysts Forecast Growth

FIBK has been the subject of a number of research reports. DA Davidson upped their price objective on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Wells Fargo & Company upped their price objective on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an "underweight" rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of First Interstate BancSystem in a research note on Wednesday. Wall Street Zen lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Monday, August 11th. Finally, Barclays upped their price objective on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $35.43.

First Interstate BancSystem Company Profile

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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