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 increase in short interest in July. As of July 15th, there was short interest totalling 2,530,000 shares, an increase of 15.0% from the June 30th total of 2,200,000 shares. Based on an average daily volume of 655,600 shares, the short-interest ratio is presently 3.9 days.

Insider Buying and Selling

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were 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 owns 1,021,663 shares in the company, valued at $25,837,857.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were 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 owns 1,021,663 shares in the company, valued at $25,837,857.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jonathan R. Scott Trust Dtd 11 20,000 shares of First Interstate BancSystem stock in a transaction that occurred on Tuesday, July 30th. The disclosure for this trade can be found here. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC raised 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 last quarter. Wolverine Asset Management LLC acquired a new stake in shares of First Interstate BancSystem during the 4th quarter worth approximately $39,000. Parallel Advisors LLC grew its position in shares of First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after buying an additional 856 shares during the period. CWM LLC grew its position in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after buying an additional 702 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after buying an additional 744 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Stock Up 1.6 %

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

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. During the same period in the prior year, the business posted $0.66 earnings per share. As a group, research analysts expect that First Interstate BancSystem will post 2.29 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the company an “overweight” rating in a report on Monday. DA Davidson raised their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday. Stephens raised their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday. Barclays lifted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.