First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down After Insider Selling

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s share price gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $25.99, but opened at $25.25. First Interstate BancSystem shares last traded at $25.41, with a volume of 65,219 shares changing hands.

Specifically, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $746,029.71. Following the sale, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the transaction, the director now owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Julie A. Scott sold 209,831 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the completion of the transaction, the insider now directly owns 879,869 shares in the company, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. Insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FIBK shares. Keefe, Bruyette & Woods raised their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 26th. TheStreet downgraded shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. Stephens restated an “overweight” rating and set a $32.00 target price on shares of First Interstate BancSystem in a research note on Thursday, April 25th. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Piper Sandler raised their target price on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.20.

First Interstate BancSystem Stock Performance

The company has a market cap of $2.64 billion, a P/E ratio of 10.05 and a beta of 0.82. The business’s 50 day simple moving average is $26.57 and its 200 day simple moving average is $27.39. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90.

First Interstate BancSystem (NASDAQ:FIBK) last released 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 firm had revenue of $242.20 million for the quarter, compared to analysts’ expectations of $236.80 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. Sell-side analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 7.45%. The ex-dividend date of this dividend was Friday, May 3rd. First Interstate BancSystem’s payout ratio is currently 74.90%.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in First Interstate BancSystem by 6.2% in the fourth 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 last quarter. FMR LLC increased its position in First Interstate BancSystem by 0.4% in the third 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 last quarter. Franklin Resources Inc. increased its position in First Interstate BancSystem by 36.2% in the fourth 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 last quarter. Dimensional Fund Advisors LP increased its position in First Interstate BancSystem by 20.9% in the fourth 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 last quarter. Finally, Wellington Management Group LLP increased its position in First Interstate BancSystem by 5.0% in the fourth 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 last quarter. Institutional investors own 88.71% of the company’s stock.

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.