James R. Scott, Jr. Sells 6,067 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

Shares of FIBK traded up $1.33 on Monday, reaching $35.72. 252,049 shares of the company’s stock traded hands, compared to its average volume of 670,123. 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 market cap of $3.73 billion, a PE ratio of 15.24 and a beta of 0.81. The stock’s 50 day simple moving average is $31.51 and its two-hundred day simple moving average is $29.53. First Interstate BancSystem, Inc. has a 52-week low of $24.16 and a 52-week high of $36.18.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company earned $0.70 earnings per share. On average, analysts forecast that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s payout ratio is currently 82.46%.

Wall Street Analysts Forecast Growth

FIBK has been the topic of several recent research reports. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Keefe, Bruyette & Woods increased their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Piper Sandler cut their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Stephens reiterated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $32.50.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently made changes to their positions in FIBK. Dimensional Fund Advisors LP boosted its stake in First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after buying an additional 367,212 shares during the period. Versor Investments LP bought a new stake in First Interstate BancSystem during the third quarter valued at $914,000. Empower Advisory Group LLC boosted its stake in First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after buying an additional 21,191 shares during the period. CWM LLC boosted its stake in 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 buying an additional 430 shares during the period. Finally, Quest Partners LLC boosted its stake in First Interstate BancSystem by 1,115.4% during the third quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider’s stock valued at $2,546,000 after buying an additional 76,169 shares during the period. 88.71% of the stock is owned by institutional investors.

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.