Insider Selling: First Interstate BancSystem, Inc. (NASDAQ:FIBK) Director Sells 6,500 Shares of Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the transaction, the director now owns 958,710 shares of the company’s stock, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

First Interstate BancSystem Stock Performance

Shares of FIBK stock traded down $0.23 during trading hours on Thursday, reaching $33.28. The stock had a trading volume of 329,040 shares, compared to its average volume of 676,916. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem, Inc. has a twelve month low of $24.16 and a twelve month high of $34.53. The firm has a 50-day simple moving average of $30.94 and a 200-day simple moving average of $29.22. The firm has a market capitalization of $3.48 billion, a PE ratio of 14.77 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter last year, the firm posted $0.70 EPS. As a group, equities analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 annualized dividend and a yield of 5.65%. First Interstate BancSystem’s payout ratio is 82.46%.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in First Interstate BancSystem by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after acquiring an additional 32,348 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of First Interstate BancSystem by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock valued at $32,945,000 after purchasing an additional 52,919 shares during the period. Bank of New York Mellon Corp raised its position in shares of First Interstate BancSystem by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock valued at $24,648,000 after purchasing an additional 11,493 shares during the period. Finally, Jennison Associates LLC raised its position in shares of First Interstate BancSystem by 57.3% in the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock valued at $27,176,000 after purchasing an additional 322,578 shares during the period. Institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

FIBK has been the topic of a number of research analyst reports. Stephens reiterated an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. DA Davidson increased their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Piper Sandler reduced their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Tuesday. Two investment 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. According to data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and a consensus 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.