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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 2,190,000 shares, a drop of 16.1% from the September 15th total of 2,610,000 shares. Based on an average daily volume of 581,900 shares, the short-interest ratio is currently 3.8 days.

Institutional Investors Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets grew its position in shares of First Interstate BancSystem by 235.6% during the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after acquiring an additional 54,973 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of First Interstate BancSystem by 9.6% in the first quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock valued at $23,149,000 after buying an additional 74,434 shares during the last quarter. Sciencast Management LP purchased a new position in shares of First Interstate BancSystem during the first quarter worth about $705,000. Dimensional Fund Advisors LP raised its stake in First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after acquiring an additional 367,212 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in shares of First Interstate BancSystem in the 1st quarter valued at approximately $1,597,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Up 0.6 %

First Interstate BancSystem stock traded up $0.20 during midday trading on Monday, reaching $30.97. The company’s stock had a trading volume of 332,318 shares, compared to its average volume of 683,213. The business has a 50-day simple moving average of $29.75 and a 200-day simple moving average of $28.25. The company has a market cap of $3.24 billion, a P/E ratio of 12.26 and a beta of 0.81. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $33.00. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92.

First Interstate BancSystem (NASDAQ:FIBK) last posted its 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. The firm had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same quarter in the previous year, the business earned $0.66 earnings per share. On average, research analysts expect that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Analysts Set New Price Targets

Several equities analysts have weighed in on FIBK shares. Barclays lifted their target price on First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. Finally, DA Davidson increased 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, July 29th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and an average target price of $33.17.

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.