Julie A Scott Rose, trustee of the Julie A Scott Rose Trust, recently reported significant stock sales of First Interstate (NASDAQ:FIBK) BancSystem Inc. (NASDAQ:FIBK). The transactions, disclosed in a recent filing, involved the sale of 18,150 shares of common stock, amounting to a total value of $599,395. The shares were sold at prices ranging from $32.77 to $34.31.
Following these transactions, the trust holds 655,289 shares. The sales were carried out over two days, with 3,000 shares sold on November 6 and 15,150 shares on November 7. The transactions are part of ongoing portfolio adjustments by the trust, which maintains a substantial position in the company.
In other recent news, First Interstate BancSystems reported stable Q3 earnings, with a net income of $55.5 million or $0.54 per share. This was accompanied by an improvement in net interest margin, which is expected to exceed 3% in the upcoming quarter. In addition, the company declared a dividend of $0.47 per share and expects continued margin expansion into 2025. Despite some credit losses, particularly in the metro-office portfolio, the overall credit quality has improved.
Piper Sandler recently reduced the price target for First Interstate BancSystems to $36 from $38, while maintaining an Overweight rating. This adjustment was based on revised earnings per share estimates for the coming years. On the other hand, Barclays (LON:BARC) maintained its Equalweight rating on the company's stock, with a steady price target of $32.00, despite a minor shortfall in the operating earnings per share.
In terms of leadership, outgoing CEO Kevin Riley introduced Jim Reuter as the new CEO. These recent developments indicate a company navigating transitional periods and market uncertainties, with a focus on continued growth. As First Interstate BancSystem prepares for a change in leadership, the financial sector will be keenly observing the company's adaptation to these evolving circumstances.
InvestingPro Insights
Recent stock sales by Julie A Scott Rose's trust come amid a period of strong performance for First Interstate BancSystem Inc. (NASDAQ:FIBK). According to InvestingPro data, FIBK has shown impressive returns, with a 12.95% price total return over the past month and a substantial 45.94% return over the past year. This positive momentum aligns with the InvestingPro Tip highlighting the company's "Significant return over the last week" and "Strong return over the last three months."
Despite the recent stock sales, FIBK appears to maintain a solid financial foundation. The company boasts a P/E ratio of 14.44, suggesting a reasonable valuation relative to earnings. Additionally, FIBK offers an attractive dividend yield of 5.77%, with an InvestingPro Tip noting that the company "Has maintained dividend payments for 15 consecutive years." This consistent dividend history may be particularly appealing to income-focused investors.
It's worth noting that while the stock has shown strong performance, analysts have some reservations. An InvestingPro Tip indicates that "4 analysts have revised their earnings downwards for the upcoming period." This contrasts with the overall positive market sentiment reflected in the stock's recent price appreciation.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for FIBK, providing a deeper understanding of the company's financial health and market position.
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