Short Interest in First Interstate BancSystem, Inc. (NASDAQ:FIBK) Increases By 15.0%

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 2,530,000 shares, a growth of 15.0% from the June 30th total of 2,200,000 shares. Based on an average trading volume of 655,600 shares, the short-interest ratio is currently 3.9 days.

Insider Transactions at First Interstate BancSystem

In related news, Director Jonathan R. Scott Trust Dtd 11 20,000 shares of the business’s stock in a transaction on Tuesday, July 30th. The was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jonathan R. Scott Trust Dtd 11 20,000 shares of the business’s stock in a transaction on Tuesday, July 30th. The was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the transaction, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC boosted its stake in shares of First Interstate BancSystem by 132.8% in the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 530 shares during the period. Wolverine Asset Management LLC bought a new position in shares of First Interstate BancSystem in the fourth quarter worth about $39,000. Parallel Advisors LLC boosted its stake in shares of First Interstate BancSystem by 205.3% in the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 856 shares during the period. CWM LLC boosted its stake in shares of First Interstate BancSystem by 42.1% in the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 702 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 744 shares during the period. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Price Performance

FIBK stock opened at $31.79 on Wednesday. The firm has a 50 day moving average price of $27.91 and a 200-day moving average price of $27.16. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 12.67 and a beta of 0.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.22% and a net margin of 17.76%. During the same period in the previous year, the company earned $0.66 earnings per share. Equities research analysts forecast that First Interstate BancSystem will post 2.29 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.91%. The ex-dividend date is Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

Analyst Ratings Changes

A number of research firms have weighed in on FIBK. Stephens raised their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday. DA Davidson raised their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday. Wells Fargo & Company raised their price objective on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday. Keefe, Bruyette & Woods raised their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday. Finally, Piper Sandler raised their price objective on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and an average price target of $33.33.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.