Key Points
- Major shareholder Jonathan Scott sold 8,071 FIBK shares for approximately $300,968 at an average price of $37.29, reducing his ownership by 0.98% to 817,738 shares.
- First Interstate BancSystem reported quarterly EPS of $0.87, beating estimates of $0.69, while revenue rose 6.4% year over year to $263.9 million. The company also pays a quarterly dividend of $0.47 per share, representing a 5.0% annualized yield.
- Analyst sentiment remains cautious, with an average “Reduce” rating and a consensus price target of $36.83 versus the stock’s $37.30 opening price; institutional investors own 88.71% of shares.
First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Jonathan Scott sold 8,071 shares of the company's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $37.29, for a total transaction of $300,967.59. Following the completion of the transaction, the insider owned 817,738 shares in the company, valued at $30,493,450.02. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
First Interstate BancSystem Stock Performance
Shares of NASDAQ:FIBK opened at $37.30 on Tuesday. The firm's 50 day simple moving average is $38.01 and its 200-day simple moving average is $36.15. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. First Interstate BancSystem, Inc. has a one year low of $29.10 and a one year high of $40.60. The firm has a market cap of $3.56 billion, a PE ratio of 11.48 and a beta of 0.75.
First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. During the same quarter in the previous year, the business earned $0.69 earnings per share. First Interstate BancSystem's quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities analysts predict that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.
First Interstate BancSystem Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.0%. First Interstate BancSystem's dividend payout ratio is currently 57.85%.
Hedge Funds Weigh In On First Interstate BancSystem
Several institutional investors and hedge funds have recently bought and sold shares of FIBK. Integrated Wealth Concepts LLC acquired a new position in shares of First Interstate BancSystem during the second quarter worth $26,000. NewEdge Advisors LLC purchased a new stake in shares of First Interstate BancSystem during the 2nd quarter valued at $232,000. IFP Advisors Inc boosted its position in shares of First Interstate BancSystem by 3,833.3% in the 2nd quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider's stock worth $132,000 after purchasing an additional 3,335 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of First Interstate BancSystem by 3.0% in the 2nd quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider's stock worth $4,811,000 after purchasing an additional 3,643 shares in the last quarter. Finally, Amundi grew its stake in First Interstate BancSystem by 97.0% during the 2nd quarter. Amundi now owns 49,196 shares of the financial services provider's stock worth $1,897,000 after buying an additional 24,220 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
FIBK has been the topic of a number of analyst reports. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Monday, June 22nd. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Wells Fargo & Company restated an "underweight" rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. DA Davidson reaffirmed a "neutral" rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research report on Monday, July 27th. Finally, Barclays lowered First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $38.00 to $37.00 in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $36.83.
View Our Latest Stock Report on First Interstate BancSystem
First Interstate BancSystem Company Profile
(
Get Free Report)
First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.
Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.
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