In a recent transaction reported to the Securities and Exchange Commission, James R. Scott Jr., a significant shareholder of First Interstate (NASDAQ:FIBK) BancSystem Inc. (NASDAQ:FIBK), sold a substantial amount of the company's stock. On November 22, Scott Jr. disposed of 6,067 shares of Class A common stock at a price of $34.50 per share, totaling $209,311.
Following this transaction, Scott Jr. holds 75,387 shares directly. Additionally, through trusts, First Interstate Bank acts as a trustee for both the James R. Scott Jr. GST Exempt Trust and the Dana S. Andersson GST Exempt Trust. These trusts collectively own 51,284 shares, with each trust holding 25,642 shares.
The transactions were executed as part of routine portfolio management, and all parties involved have disclaimed any additional beneficial ownership beyond their pecuniary interests.
In other recent news, First Interstate BancSystems reported stable Q3 earnings, with a net income of $55.5 million or $0.54 per share. Analysts from Piper Sandler and Barclays (LON:BARC) have adjusted their earnings per share (EPS) estimates for the fiscal years 2024, 2025, and 2026. Piper Sandler decreased its price target for the company to $36 from $38, maintaining an Overweight rating, while Barclays maintained an Equalweight rating with a steady price target of $32.00.
First Interstate BancSystems also declared a dividend of $0.47 per share, signaling its commitment to its dividend and financial growth strategy. The company's net interest margin improved and is expected to exceed 3% in the coming quarter. On the leadership front, outgoing CEO Kevin Riley introduced Jim Reuter as the new CEO.
Despite some credit losses, especially in the metro-office portfolio, the overall credit quality has improved. These recent developments indicate a company navigating transitional periods and market uncertainties, focusing on continued growth. As First Interstate BancSystems prepares for a leadership change, the financial sector will be keenly observing the company's adaptation to these evolving circumstances.
InvestingPro Insights
First Interstate BancSystem Inc. (NASDAQ:FIBK) has been showing strong market performance recently, with the stock trading near its 52-week high and demonstrating a robust return over the last month. According to InvestingPro data, FIBK has seen a 12.84% price total return in the past month and an impressive 30.96% over the last six months.
The company's financial health appears solid, with a market capitalization of $3.74 billion and a P/E ratio of 15.61, suggesting a reasonable valuation relative to earnings. FIBK also boasts a dividend yield of 5.47%, which may be attractive to income-focused investors. An InvestingPro Tip highlights that the company has maintained dividend payments for 15 consecutive years, underscoring its commitment to shareholder returns.
Despite these positive indicators, it's worth noting that 4 analysts have revised their earnings downwards for the upcoming period, according to another InvestingPro Tip. This could signal some caution regarding the company's near-term financial outlook.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips on FIBK, providing a deeper understanding of the company's financial position and market performance.
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