Insider Selling: First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells 20,220 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the sale, the insider now owns 635,069 shares in the company, valued at $20,817,561.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Down 0.7 %

Shares of FIBK opened at $33.51 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem, Inc. has a 52 week low of $24.16 and a 52 week high of $34.53. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 14.70 and a beta of 0.81. The stock has a fifty day moving average of $30.87 and a 200-day moving average of $29.19.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period last year, the business earned $0.70 EPS. As a group, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date is Monday, November 4th. First Interstate BancSystem’s payout ratio is 82.46%.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. BNP Paribas Financial Markets grew its stake in shares of First Interstate BancSystem by 235.6% in the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after purchasing an additional 54,973 shares during the last quarter. SG Americas Securities LLC acquired a new position in First Interstate BancSystem during the 1st quarter worth about $273,000. Swiss National Bank grew its position in shares of First Interstate BancSystem by 6.0% in the 1st quarter. Swiss National Bank now owns 186,546 shares of the financial services provider’s stock valued at $5,076,000 after buying an additional 10,600 shares during the last quarter. Sei Investments Co. increased its stake in shares of First Interstate BancSystem by 5.8% in the first quarter. Sei Investments Co. now owns 448,158 shares of the financial services provider’s stock valued at $12,194,000 after buying an additional 24,552 shares during the period. Finally, Inspire Investing LLC raised its position in shares of First Interstate BancSystem by 4.6% during the first quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 570 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FIBK. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Wells Fargo & Company lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Piper Sandler lowered their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, Stephens reaffirmed an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.50.

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.