First Interstate BancSystem insiders sell over $4.5 million in stock By Investing.com

In a recent move, insiders at First Interstate BancSystem Inc. (NASDAQ:FIBK) have sold a significant amount of the company’s stock, amounting to over $4.5 million. The transactions occurred on May 14, 2024, and involved the sale of 110,000 and 27,000 shares of common stock at an average price of $27.55 per share.

The sales were executed in multiple transactions, with prices ranging from $27.44 to $27.71. The insiders involved in these sales included trusts associated with the Scott family, which are significant shareholders of the company. The shares sold were held indirectly by various family trusts, including the Harrison William Scott Trust, the Holland Elizabeth Scott Trust, and others, with Julie A. Scott Rose acting as trustee for some of these entities.

The total number of shares owned by the reporting persons following the transactions was adjusted, with the Julie A. Scott Rose Trustee of the Julie A. Scott Rose Trust Dated 5-14-02 holding a large portion of the remaining shares. The footnotes of the report indicate that due to certain agreements, the reporting persons may be deemed to have shared beneficial ownership of the reported securities. However, they disclaim beneficial ownership except to the extent of their pecuniary interest.

The total dollar value of the sales was calculated to be $4,518,200. This significant transaction adds to the series of recent financial activities by insiders at First Interstate BancSystem, a company known for its banking services across several states.

Investors and market watchers often look at insider transactions as a signal of the executives’ confidence in the company’s future prospects. With the sale of over $4.5 million in stock, this event may be of interest to current and potential shareholders.

InvestingPro Insights

First Interstate BancSystem Inc. (NASDAQ:FIBK) has recently witnessed substantial insider selling, which has caught the attention of market participants. To provide a deeper understanding of the company’s financial health and performance, InvestingPro provides real-time data and insights that could be crucial for investors.

InvestingPro data indicates that First Interstate BancSystem has a market capitalization of $2.91 billion, with a P/E ratio sitting at 11.08. This valuation metric is slightly above the adjusted P/E ratio for the last twelve months as of Q1 2024, which stands at 11.21. Despite…