Insider Sale: First Interstate BancSystem, Inc. (NASDAQ: FIBK) Major Stockholder Sells 2,500 Shares

First Interstate BancSystem, Inc. (NASDAQ: FIBK – Get a rating) top shareholder James R. Scott, Jr. sold 2,500 shares of the company in a trade dated Thursday, Aug. 11. The shares were sold at an average price of $41.01, for a total transaction of $102,525.00. Following the transaction, the insider now owns 102,936 shares of the company, valued at $4,221,405.36. The transaction was disclosed in an SEC filing, available at this link. Large shareholders who own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

First Interstate BancSystem trades up 1.2%

FIBK traded as low as $0.49 during Friday’s trading, reaching $41.40. 435,650 shares of the company were traded, with an average volume of 843,631. First Interstate BancSystem, Inc. has a 1-year low of $32.40 and a 1-year high of $45.80. The stock has a 50-day moving average price of $38.67 and a 200-day moving average price of $37.37. The company has a market capitalization of $4.53 billion, a P/E ratio of 22.75 and a beta of 0.96. The company has a current ratio of 0.65, a quick ratio of 0.70 and a debt ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK – Get a rating) last announced its quarterly results on Tuesday, July 26. The financial services provider reported earnings per share of $0.59 for the quarter, missing analyst consensus estimates of $0.75 per ($0.16). The company posted revenue of $288.90 million for the quarter, compared to $271.40 million expected by analysts. First Interstate BancSystem achieved a return on equity of 8.43% and a net margin of 14.93%. During the same period last year, the company posted earnings per share of $0.69. As a group, analysts expect First Interstate BancSystem, Inc. to post EPS of 3.05 for the current fiscal year.

First Interstate BancSystem Announces Dividend

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 19. Shareholders of record on Tuesday, August 9 will receive a dividend of $0.41 per share. The ex-dividend date is Monday, August 8. This represents a dividend of $1.64 on an annualized basis and a yield of 3.96%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 90.11%.

Hedge funds weigh on the first interstate banking system

Several institutional investors and hedge funds have recently changed their positions in the company. LPL Financial LLC increased its stake in shares of First Interstate BancSystem by 18.8% in the second quarter. LPL Financial LLC now owns 7,507 shares of the financial services provider worth $286,000 after purchasing an additional 1,189 shares in the last quarter. Credit Suisse AG increased its equity stake in First Interstate BancSystem by 15.6% in the second quarter. Credit Suisse AG now owns 129,500 shares of the financial services provider valued at $4,936,000 after buying an additional 17,490 shares last quarter. Fox Run Management LLC purchased a new stock position in First Interstate BancSystem during the second quarter for a value of approximately $253,000. FMR LLC increased its stake in First Interstate BancSystem by 145.6% in the second quarter. FMR LLC now owns 3,564,642 shares of the financial services provider worth $135,849,000 after purchasing an additional 2,113,366 shares last quarter. Finally, First Interstate Bank increased its stake in First Interstate BancSystem by 5,153.6% in the second quarter. First Interstate Bank now owns 7,951,944 shares of the financial services provider valued at $303,049,000 after purchasing an additional 7,800,583 shares in the last quarter. 69.42% of the shares are currently held by hedge funds and other institutional investors.

Analyst upgrades and downgrades

Several brokerages have recently published reports on FIBK. Janney Montgomery Scott upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and set a price target of $42.00 on the stock in a Tuesday, May 3 research report. TheStreet downgraded shares of First Interstate BancSystem from a “b” rating to a “c” rating in a Tuesday, May 31 report. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a “market performer” rating to an “outperformer” rating and set a price target of $45.00 on the stock in a research note. Monday, May 2. One financial analyst has assigned the stock a sell rating and three have assigned the company’s stock a buy rating. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of “Moderate Buy” and a consensus target price of $44.00.

First Interstate BancSystem Company Profile

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First Interstate BancSystem, Inc operates as a bank holding company for First Interstate Bank which provides a range of banking products and services in the United States. It offers various traditional deposit products, including checks, savings deposits and term deposits; and repurchase agreements primarily for commercial and municipal depositors.

Further reading

Insider Buying and Selling by Quarter for First Interstate BancSystem (NASDAQ:FIBK)

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