Insider Selling: First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells 209,831 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Julie A. Scott sold 209,831 shares of First Interstate BancSystem stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Trading Down 2.9 %

FIBK opened at $25.23 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 10.05 and a beta of 0.82. The firm has a 50 day simple moving average of $26.57 and a 200 day simple moving average of $27.39. First Interstate BancSystem, Inc. has a fifty-two week low of $20.81 and a fifty-two week high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. The business had revenue of $242.20 million during the quarter, compared to the consensus estimate of $236.80 million. On average, sell-side analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 6th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 7.45%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s payout ratio is presently 74.90%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Keefe, Bruyette & Woods raised their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 26th. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Friday. Wells Fargo & Company raised their price objective on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Barclays raised their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and an average target price of $30.20.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the company. Global Retirement Partners LLC increased its stake in First Interstate BancSystem by 132.8% in the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 530 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in First Interstate BancSystem in the fourth quarter valued at approximately $39,000. Parallel Advisors LLC increased its stake in First Interstate BancSystem by 205.3% in the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 856 shares in the last quarter. CWM LLC increased its stake in First Interstate BancSystem by 42.1% in the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 702 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after buying an additional 744 shares during the period. Institutional investors 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.