Julie A. Scott Sells 209,831 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stock

First Interstate BancSystem, Inc. (NASDAQ:FIBK) major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $25.23 on Friday. The stock has a market cap of $2.64 billion, a PE ratio of 10.05 and a beta of 0.82. The business has a 50-day simple moving average of $26.57 and a 200-day simple moving average of $27.38. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. First Interstate BancSystem, Inc. has a 52-week low of $20.81 and a 52-week high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.04. The business had revenue of $242.20 million during the quarter, compared to analysts’ expectations of $236.80 million. First Interstate BancSystem had a return on equity of 8.51% and a net margin of 17.76%. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were issued a $0.47 dividend. The ex-dividend date was Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 7.45%. First Interstate BancSystem’s payout ratio is 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in First Interstate BancSystem by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after purchasing an additional 533,293 shares during the period. FMR LLC raised its holdings in First Interstate BancSystem by 0.4% in the 3rd quarter. FMR LLC now owns 6,451,758 shares of the financial services provider’s stock worth $160,907,000 after purchasing an additional 28,343 shares during the period. Franklin Resources Inc. raised its holdings in First Interstate BancSystem by 36.2% in the 4th quarter. Franklin Resources Inc. now owns 5,453,783 shares of the financial services provider’s stock worth $167,704,000 after purchasing an additional 1,449,219 shares during the period. Dimensional Fund Advisors LP raised its holdings in First Interstate BancSystem by 20.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,590,707 shares of the financial services provider’s stock worth $110,418,000 after purchasing an additional 620,682 shares during the period. Finally, Wellington Management Group LLP raised its holdings in First Interstate BancSystem by 5.0% in the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after purchasing an additional 142,069 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on FIBK. Barclays boosted their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday. Keefe, Bruyette & Woods boosted their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 26th. TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. Finally, Piper Sandler boosted their price objective on First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.20.

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.