First Interstate BancSystem (NASDAQ:FIBK) Major Shareholder Julie Scott Sells 15,000 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Julie Scott sold 15,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major 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 Trading Up 2.2%

FIBK opened at $36.43 on Friday. The firm has a market capitalization of $3.54 billion, a P/E ratio of 11.87 and a beta of 0.76. The firm’s 50 day moving average is $35.19 and its 200-day moving average is $35.37. First Interstate BancSystem, Inc. has a 52-week low of $26.16 and a 52-week high of $39.26. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter in the previous year, the firm posted $0.49 earnings per share. Analysts expect that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 61.24%.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after purchasing an additional 1,214,454 shares during the period. Wellington Management Group LLP boosted its holdings in shares of First Interstate BancSystem by 20.4% during the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock worth $188,525,000 after purchasing an additional 1,003,021 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of First Interstate BancSystem by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock worth $188,066,000 after purchasing an additional 231,405 shares during the period. State Street Corp grew its position in First Interstate BancSystem by 29.7% during the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after purchasing an additional 1,254,321 shares in the last quarter. Finally, HoldCo Asset Management LP grew its position in First Interstate BancSystem by 10.6% during the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after purchasing an additional 380,000 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wells Fargo & Company increased their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Weiss Ratings lowered First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Piper Sandler reduced their price objective on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Finally, UBS Group upped their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.