Short Interest in First Interstate BancSystem, Inc. (NASDAQ:FIBK) Rises By 12.1%

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 2,590,000 shares, an increase of 12.1% from the August 15th total of 2,310,000 shares. Based on an average daily volume of 628,700 shares, the short-interest ratio is currently 4.1 days.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock traded up $0.40 during trading hours on Monday, hitting $30.60. 173,255 shares of the stock were exchanged, compared to its average volume of 696,450. The business’s 50-day moving average is $29.87 and its two-hundred day moving average is $27.69. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $3.20 billion, a P/E ratio of 12.18 and a beta of 0.82. First Interstate BancSystem has a 12 month low of $20.81 and a 12 month 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. The firm had revenue of $244.30 million during the quarter, compared to the consensus estimate of $246.07 million. During the same quarter in the prior year, the firm posted $0.66 EPS. Equities research analysts expect that First Interstate BancSystem will post 2.34 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a yield of 6.14%. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. TNF LLC lifted its holdings in First Interstate BancSystem by 1.7% in the second quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock valued at $694,000 after buying an additional 410 shares during the period. Caprock Group LLC grew its stake in shares of First Interstate BancSystem by 1.7% during the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after acquiring an additional 422 shares during the period. CWM LLC raised its stake in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares during the period. Inspire Investing LLC grew its position in shares of First Interstate BancSystem by 4.6% during the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock valued at $355,000 after purchasing an additional 570 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in First Interstate BancSystem by 1.2% during the second quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock worth $1,370,000 after buying an additional 598 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

Analysts Set New Price Targets

FIBK has been the topic of several recent research reports. Stephens upped their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday. Barclays lifted their target price on 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. Wells Fargo & Company upped 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, July 29th. Finally, Keefe, Bruyette & Woods boosted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and an average target price of $33.33.

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.