First Interstate BancSystem, Inc. (NASDAQ:FIBK) Major Shareholder Sells $745,290.00 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the sale, the insider now directly owns 613,019 shares in the company, valued at $20,720,042.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Trading Down 0.6 %

NASDAQ:FIBK opened at $33.74 on Wednesday. First Interstate BancSystem, Inc. has a one year low of $22.89 and a one year high of $34.53. The company’s 50-day simple moving average is $30.81 and its 200 day simple moving average is $29.14. The firm has a market capitalization of $3.53 billion, a P/E ratio of 14.80 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share 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 previous year, the company posted $0.70 earnings per share. As a group, analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.57%. The ex-dividend date is Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the business. CWM LLC boosted its holdings in shares of 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 acquiring an additional 430 shares during the last quarter. Innealta Capital LLC purchased a new stake in First Interstate BancSystem during the second quarter valued at approximately $106,000. nVerses Capital LLC raised its holdings in First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares during the period. Telos Capital Management Inc. bought a new stake in First Interstate BancSystem during the third quarter valued at about $201,000. Finally, Washington Trust Bank purchased a new stake in First Interstate BancSystem in the second quarter worth about $204,000. 88.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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