First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells $300,967.59 in Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 8,071 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the transaction, the insider owned 817,738 shares of the company’s stock, valued at $30,493,450.02. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

First Interstate BancSystem Stock Down 1.4%

Shares of NASDAQ:FIBK opened at $36.92 on Thursday. The firm has a market capitalization of $3.52 billion, a PE ratio of 11.36 and a beta of 0.75. First Interstate BancSystem, Inc. has a 1 year low of $29.10 and a 1 year high of $40.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The firm’s 50-day moving average is $37.95 and its two-hundred day moving average is $36.16.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.69 earnings per share. Analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FIBK. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Wells Fargo & Company reissued an “underweight” rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. DA Davidson restated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a report on Monday, July 27th. Finally, Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Reduce” and an average price target of $36.83.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of First Interstate BancSystem during the 2nd quarter worth about $529,533,000. Capital International Investors acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth about $92,504,000. Bank of America Corp DE purchased a new stake in First Interstate BancSystem during the second quarter worth approximately $56,386,000. Norges Bank purchased a new stake in First Interstate BancSystem during the fourth quarter worth approximately $38,029,000. Finally, Bank of New York Mellon Corp acquired a new position in First Interstate BancSystem in the second quarter valued at approximately $38,663,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.