Short Interest in First Interstate BancSystem, Inc. (NASDAQ:FIBK) Rises By 7.9%

First Interstate BancSystem, Inc. (NASDAQ:FIBK) saw a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 2,310,000 shares, an increase of 7.9% from the July 31st total of 2,140,000 shares. Based on an average daily trading volume, of 642,200 shares, the short-interest ratio is currently 3.6 days.

First Interstate BancSystem Price Performance

FIBK opened at $30.53 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $3.19 billion, a P/E ratio of 12.16 and a beta of 0.82. The stock has a 50-day moving average price of $29.51 and a 200-day moving average price of $27.51. 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 issued its earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $244.30 million during the quarter, compared to analyst estimates 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 prior year, the firm earned $0.66 earnings per share. Equities analysts predict that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm 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 yield of 6.16%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s payout ratio is presently 74.90%.

Analysts Set New Price Targets

A number of research firms have recently commented on FIBK. Barclays boosted their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. DA Davidson boosted their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Piper Sandler reiterated an “overweight” rating and set a $38.00 price target on shares of First Interstate BancSystem in a research report on Monday, August 26th. Finally, StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $33.33.

Insider Buying and Selling

In other First Interstate BancSystem news, 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 transaction of $5,306,625.99. Following the sale, the insider now owns 879,869 shares in the company, valued at $22,251,887.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of First Interstate BancSystem stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the completion of the transaction, the insider now owns 879,869 shares of the company’s stock, valued at approximately $22,251,887.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan R. Scott sold 29,499 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the completion of the sale, the director now directly owns 1,021,663 shares in the company, valued at $25,837,857.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 239,880 shares of company stock valued at $6,069,480. Company insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Several hedge funds have recently added to or reduced their stakes in FIBK. Creative Planning increased its holdings in shares of First Interstate BancSystem by 11.6% in the second quarter. Creative Planning now owns 24,415 shares of the financial services provider’s stock worth $678,000 after buying an additional 2,545 shares during the period. Algert Global LLC bought a new position in First Interstate BancSystem during the 2nd quarter worth approximately $261,000. The Manufacturers Life Insurance Company increased its stake in First Interstate BancSystem by 1.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock worth $1,370,000 after purchasing an additional 598 shares during the period. Dark Forest Capital Management LP lifted its position in First Interstate BancSystem by 28.5% in the second quarter. Dark Forest Capital Management LP now owns 48,166 shares of the financial services provider’s stock valued at $1,338,000 after purchasing an additional 10,669 shares during the last quarter. Finally, AQR Capital Management LLC purchased a new stake in shares of First Interstate BancSystem during the second quarter valued at approximately $242,000. 88.71% of the stock is owned by institutional investors.

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.