Jonathan Scott Sells 4,500 Shares of First Interstate BancSystem (NASDAQ:FIBK) Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the sale, the insider owned 862,128 shares in the company, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $36.43 on Friday. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 11.87 and a beta of 0.76. First Interstate BancSystem, Inc. has a one year low of $26.16 and a one year high of $39.26. The business has a fifty day simple moving average of $35.24 and a 200 day simple moving average of $35.37. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same quarter in the previous year, the company earned $0.49 earnings per share. Sell-side analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 61.24%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors acquired a new stake in First Interstate BancSystem during the 4th quarter valued at $92,504,000. State Street Corp boosted its stake in First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after purchasing an additional 1,254,321 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of First Interstate BancSystem by 13.7% during the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after purchasing an additional 1,214,454 shares during the last quarter. Azora Capital LP grew its holdings in shares of First Interstate BancSystem by 1,538.7% during the third quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock worth $40,656,000 after purchasing an additional 1,197,843 shares during the last quarter. Finally, North Reef Capital Management LP grew its holdings in shares of First Interstate BancSystem by 132.4% during the fourth quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock worth $68,335,000 after purchasing an additional 1,124,999 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on FIBK shares. DA Davidson cut shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and lowered their target price for the company from $41.00 to $39.00 in a research note on Wednesday, May 27th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Piper Sandler decreased their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. UBS Group upped their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Finally, Wells Fargo & Company increased their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and a consensus price target of $37.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.