Key Points
- Major shareholder Jonathan Scott sold 12,892 shares of First Interstate BancSystem at an average price of $35.58, totaling about $458,697. After the sale, he still held 866,628 shares, a 1.47% reduction in ownership.
- The company reported better-than-expected quarterly earnings of $0.61 per share, edging past consensus estimates, and analysts still expect full-year EPS of 2.66.
- First Interstate BancSystem recently paid a quarterly dividend of $0.47 per share, equal to $1.88 annually and a yield of 5.3%. Analyst sentiment remains mixed, with a consensus rating of Hold and a $37 price target.
First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the sale, the insider owned 866,628 shares of the company's stock, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.
First Interstate BancSystem Stock Performance
FIBK opened at $35.72 on Friday. First Interstate BancSystem, Inc. has a 1-year low of $25.81 and a 1-year high of $39.26. The stock has a market cap of $3.47 billion, a P/E ratio of 11.64 and a beta of 0.76. The stock's 50 day simple moving average is $34.63 and its 200 day simple moving average is $35.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70.
First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The business had revenue of $5.10 million during the quarter, compared to analysts' expectations of $242.78 million. During the same quarter last year, the business posted $0.49 earnings per share. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 EPS for the current fiscal year.
First Interstate BancSystem Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem's dividend payout ratio (DPR) is 61.24%.
Analysts Set New Price Targets
A number of equities research analysts have commented on FIBK shares. Piper Sandler lowered their target price on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Wall Street Zen raised First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Tuesday, May 19th. UBS Group upped their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a report on Friday, May 1st. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Finally, Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 15th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $37.00.
Check Out Our Latest Analysis on First Interstate BancSystem
Institutional Trading of First Interstate BancSystem
A number of hedge funds have recently added to or reduced their stakes in FIBK. Vanguard Group Inc. grew its holdings in First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider's stock valued at $347,675,000 after buying an additional 1,214,454 shares during the period. Wellington Management Group LLP boosted its position in shares of First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider's stock worth $188,525,000 after acquiring an additional 1,003,021 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in First Interstate BancSystem by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider's stock valued at $188,066,000 after purchasing an additional 231,405 shares during the period. State Street Corp increased its position in First Interstate BancSystem by 29.7% during the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider's stock worth $189,686,000 after purchasing an additional 1,254,321 shares during the last quarter. Finally, HoldCo Asset Management LP raised its stake in First Interstate BancSystem by 10.6% during the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider's stock worth $125,890,000 after purchasing an additional 380,000 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.
First Interstate BancSystem Company Profile
(
Get Free Report)
First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.
The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.
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