Insider Selling: First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Sells 10,000 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Jonathan Scott sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $38.53, for a total value of $385,300.00. Following the completion of the transaction, the insider directly owned 797,738 shares in the company, valued at approximately $30,736,845.14. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Price Performance

NASDAQ FIBK traded down $0.76 on Tuesday, reaching $37.66. The company had a trading volume of 105,598 shares, compared to its average volume of 1,163,032. First Interstate BancSystem, Inc. has a 12 month low of $29.39 and a 12 month high of $40.60. The company has a quick ratio of 0.69, a current ratio of 0.68 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average price is $36.58 and its 200 day moving average price is $36.33. The stock has a market capitalization of $3.59 billion, a PE ratio of 11.72 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). The firm had revenue of $43.30 million during the quarter, compared to analysts’ expectations of $247.93 million. First Interstate BancSystem had a return on equity of 9.49% and a net margin of 23.30%. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.79 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.0%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 58.57%.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several analyst reports. Benchmark upgraded shares of First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. Wells Fargo & Company raised their price target on First Interstate BancSystem from $34.00 to $36.00 and gave the company an “underweight” rating in a research note on Monday. Finally, DA Davidson restated a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem presently has a consensus rating of “Reduce” and a consensus price target of $37.43.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently made changes to their positions in FIBK. The Manufacturers Life Insurance Company acquired a new stake in First Interstate BancSystem during the 2nd quarter worth about $1,776,000. Rice Hall James & Associates LLC purchased a new stake in First Interstate BancSystem during the second quarter worth $3,853,000. BlackRock Inc. acquired a new stake in shares of First Interstate BancSystem during the 2nd quarter valued at about $529,533,000. Bank of America Corp DE acquired a new stake in First Interstate BancSystem in the second quarter valued at approximately $56,386,000. Finally, Deutsche Bank AG purchased a new stake in First Interstate BancSystem in the 2nd quarter worth $3,946,000. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management.

Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States.

Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.