Short Interest in First Interstate BancSystem, Inc. (NASDAQ:FIBK) Increases By 7.7%

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 2,510,000 shares, a growth of 7.7% from the December 15th total of 2,330,000 shares. Based on an average daily volume of 633,900 shares, the days-to-cover ratio is currently 4.0 days.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock traded up $0.01 during trading on Friday, hitting $32.54. 336,239 shares of the stock traded hands, compared to its average volume of 582,621. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 14.27 and a beta of 0.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The firm’s fifty day moving average is $33.25 and its 200-day moving average is $31.31.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter in the prior year, the firm earned $0.70 EPS. Research analysts expect that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.78%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now owns 75,387 shares of the company’s stock, valued at $2,600,851.50. The trade was a 7.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the sale, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock worth $1,839,583 over the last quarter. 6.90% of the stock is currently owned by company insiders.

Institutional Trading of First Interstate BancSystem

Institutional investors have recently added to or reduced their stakes in the business. TNF LLC boosted its stake in shares of First Interstate BancSystem by 1.5% during the third quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 367 shares during the period. Wrapmanager Inc. boosted its position in First Interstate BancSystem by 5.0% during the 3rd quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider’s stock valued at $275,000 after buying an additional 429 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in First Interstate BancSystem by 5.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 507 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of First Interstate BancSystem by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock valued at $1,370,000 after acquiring an additional 598 shares during the period. Finally, Inspire Investing LLC raised its stake in shares of First Interstate BancSystem by 5.3% during the third quarter. Inspire Investing LLC now owns 13,422 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 673 shares during the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on FIBK shares. Barclays upped their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. Stephens reiterated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. Piper Sandler decreased their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Finally, Wells Fargo & Company dropped their price target on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.