First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Up After Insider Buying Activity

Posted by Defense World Staff on May 3rd, 2023

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $25.59, but opened at $26.48. First Interstate BancSystem shares last traded at $25.73, with a volume of 36,244 shares traded.

Specifically, CFO Marcy D. Mutch purchased 5,000 shares of the business’s stock in a transaction on Monday, May 1st. The stock was acquired at an average price of $25.59 per share, with a total value of $127,950.00. Following the completion of the acquisition, the chief financial officer now owns 45,877 shares of the company’s stock, valued at approximately $1,173,992.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Interstate BancSystem news, CFO Marcy D. Mutch acquired 5,000 shares of the stock in a transaction dated Monday, May 1st. The shares were acquired at an average cost of $25.59 per share, for a total transaction of $127,950.00. Following the completion of the transaction, the chief financial officer now directly owns 45,877 shares of the company’s stock, valued at $1,173,992.43. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Brannen sold 9,300 shares of the business’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $36.71, for a total value of $341,403.00. Following the completion of the transaction, the director now owns 8,385 shares in the company, valued at $307,813.35. The disclosure for this sale can be found here. 6.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FIBK. UBS Group began coverage on First Interstate BancSystem in a research report on Wednesday, March 15th. They set a “neutral” rating and a $33.00 target price on the stock. Stephens upgraded First Interstate BancSystem from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $44.00 to $43.00 in a report on Wednesday, February 1st. Keefe, Bruyette & Woods decreased their price objective on First Interstate BancSystem from $38.00 to $33.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Wells Fargo & Company decreased their price objective on First Interstate BancSystem from $42.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, April 5th. Finally, StockNews.com started coverage on First Interstate BancSystem in a report on Thursday, March 16th. They set a “sell” rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target of $37.33.

First Interstate BancSystem Price Performance

The company has a market cap of $2.58 billion, a PE ratio of 8.98 and a beta of 0.84. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a 50 day moving average of $30.61 and a 200-day moving average of $36.93.

First Interstate BancSystem (NASDAQ:FIBK – Get Rating) last issued its earnings results on Thursday, April 27th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.28). First Interstate BancSystem had a return on equity of 11.41% and a net margin of 17.07%. During the same period in the previous year, the business posted $0.21 earnings per share. Equities analysts predict that First Interstate BancSystem, Inc. will post 3.39 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 18th. Stockholders of record on Monday, May 8th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Friday, May 5th. This represents a $1.88 annualized dividend and a dividend yield of 7.61%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 68.36%.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the stock. Ronald Blue Trust Inc. acquired a new position in shares of First Interstate BancSystem in the 4th quarter valued at about $28,000. First PREMIER Bank acquired a new position in shares of First Interstate BancSystem in the 1st quarter valued at about $25,000. Quadrant Capital Group LLC lifted its holdings in shares of First Interstate BancSystem by 32.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock valued at $37,000 after buying an additional 226 shares during the period. Neo Ivy Capital Management purchased a new position in shares of First Interstate BancSystem in the 4th quarter valued at about $40,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of First Interstate BancSystem in the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 77.78% of the company’s stock.

About First Interstate BancSystem

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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. The company was founded by Homer Scott Sr. in 1968 and is headquartered in Billings, MT.