Insider Selling: First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells 6,067 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the sale, the insider now directly owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Up 3.9 %

Shares of FIBK stock traded up $1.33 during midday trading on Monday, reaching $35.72. 252,049 shares of the stock were exchanged, compared to its average volume of 670,123. First Interstate BancSystem, Inc. has a 1 year low of $24.16 and a 1 year high of $36.18. The firm has a market cap of $3.73 billion, a PE ratio of 15.24 and a beta of 0.81. The company’s 50 day moving average is $31.51 and its two-hundred day moving average is $29.53. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the business posted $0.70 earnings per share. On average, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.26%. First Interstate BancSystem’s payout ratio is currently 82.46%.

Institutional Trading of First Interstate BancSystem

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in First Interstate BancSystem by 28.5% during the 1st quarter. Russell Investments Group Ltd. now owns 44,410 shares of the financial services provider’s stock valued at $1,209,000 after purchasing an additional 9,860 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in First Interstate BancSystem by 6.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock valued at $1,413,000 after purchasing an additional 2,940 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in First Interstate BancSystem during the 1st quarter valued at $286,000. CWM LLC boosted its stake in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in First Interstate BancSystem by 79.5% during the 2nd quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 7,979 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FIBK shares. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. DA Davidson lifted their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Finally, Piper Sandler decreased their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $32.50.

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.