Key Points
- Major shareholder Julie Scott sold 2,700 FIBK shares at an average price of $37.64, totaling $101,628. She retained 484,309 shares, reducing her position by 0.55%.
- 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’s quarterly dividend equates to $1.88 annually and a 5.1% yield. Analysts maintain a consensus “Reduce” rating with an average price target of $36.83.
First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) major shareholder Julie Scott sold 2,700 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the transaction, the insider directly owned 484,309 shares in the company, valued at approximately $18,229,390.76. The trade was a 0.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
First Interstate BancSystem Trading Down 1.4%
NASDAQ FIBK opened at $36.92 on Thursday. First Interstate BancSystem, Inc. has a 52 week low of $29.10 and a 52 week high of $40.60. The company has a 50 day moving average price of $37.95 and a 200 day moving average price of $36.16. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. The firm has a market cap of $3.52 billion, a PE ratio of 11.36 and a beta of 0.75.
First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. During the same period last year, the firm earned $0.69 earnings per share. First Interstate BancSystem's revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.
First Interstate BancSystem Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem's dividend payout ratio is currently 57.85%.
Institutional Investors Weigh In On First Interstate BancSystem
Several hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new position in shares of First Interstate BancSystem in the 2nd quarter valued at $26,000. NewEdge Advisors LLC acquired a new position in shares of First Interstate BancSystem during the 2nd quarter valued at about $232,000. IFP Advisors Inc grew its holdings in shares of First Interstate BancSystem by 3,833.3% in the second quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider's stock valued at $132,000 after purchasing an additional 3,335 shares during the period. Squarepoint Ops LLC increased its position in First Interstate BancSystem by 3.0% during the second 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 during the last quarter. Finally, Amundi increased its position in First Interstate BancSystem by 97.0% during the second quarter. Amundi now owns 49,196 shares of the financial services provider's stock worth $1,897,000 after purchasing an additional 24,220 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on FIBK shares. Barclays downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $38.00 to $37.00 in a report on Monday, August 3rd. DA Davidson reissued a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Weiss Ratings upgraded shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. Finally, Wells Fargo & Company reiterated 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. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $36.83.
View Our Latest Analysis 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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