First Interstate BancSystem, Inc. (NASDAQ:FIBK) Short Interest Update

First Interstate BancSystem, Inc. (NASDAQ:FIBK) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 2,140,000 shares, a drop of 15.4% from the July 15th total of 2,530,000 shares. Based on an average trading volume of 658,300 shares, the days-to-cover ratio is currently 3.3 days.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the transaction, the director now directly owns 1,021,663 shares in the company, valued at $25,837,857.27. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of First Interstate BancSystem 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 owns 1,021,663 shares in the company, valued at approximately $25,837,857.27. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 209,831 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC bought a new stake in First Interstate BancSystem during the 4th quarter worth about $39,000. Parallel Advisors LLC grew its stake in First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after buying an additional 856 shares during the last quarter. CWM LLC increased its position in 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. PNC Financial Services Group Inc. increased its holdings in shares of First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the period. Finally, Innealta Capital LLC acquired a new position in First Interstate BancSystem in the second quarter valued at about $106,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FIBK has been the subject of several research reports. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Stephens boosted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. 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, July 29th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Barclays raised their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $33.33.

First Interstate BancSystem Trading Up 1.3 %

First Interstate BancSystem stock traded up $0.38 during mid-day trading on Friday, hitting $29.27. 496,350 shares of the company’s stock were exchanged, compared to its average volume of 736,138. The company’s 50 day simple moving average is $28.46 and its 200-day simple moving average is $27.14. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $3.06 billion, a P/E ratio of 11.66 and a beta of 0.82. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.22% and a net margin of 17.76%. The company had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. During the same quarter last year, the firm posted $0.66 earnings per share. On average, equities analysts anticipate that First Interstate BancSystem will post 2.32 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.42%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is 74.90%.

First Interstate BancSystem Company Profile

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.