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 the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Up 3.1 %

Shares of NASDAQ:FIBK opened at $35.47 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $31.51 and a two-hundred day simple moving average of $29.53. First Interstate BancSystem, Inc. has a 12-month low of $24.16 and a 12-month high of $36.19. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 15.24 and a beta of 0.81.

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 (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 previous year, the business posted $0.70 earnings per share. On average, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders 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 5.30%. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently made changes to their positions in the company. TNF LLC lifted its position in First Interstate BancSystem by 1.5% in the 3rd quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock valued at $812,000 after acquiring an additional 367 shares in the last quarter. Caprock Group LLC raised its stake in shares of First Interstate BancSystem by 1.7% in the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after purchasing an additional 422 shares during the last quarter. Wrapmanager Inc. raised its stake in shares of First Interstate BancSystem by 5.0% in the third quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 429 shares during the last quarter. CWM LLC lifted its holdings in shares of First Interstate BancSystem by 16.0% during the second 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 in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of First Interstate BancSystem by 5.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock valued at $311,000 after buying an additional 507 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. DA Davidson boosted their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Finally, Piper Sandler decreased their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.50.

About First Interstate BancSystem

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.