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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 2,300,000 shares, a growth of 7.5% from the October 31st total of 2,140,000 shares. Based on an average daily volume of 560,700 shares, the short-interest ratio is currently 4.1 days.

Insider Activity

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the transaction, the insider now owns 613,019 shares in the company, valued at $20,720,042.20. This represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 over the last three months. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently made changes to their positions in FIBK. Point72 DIFC Ltd bought a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at approximately $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in First Interstate BancSystem during the 3rd quarter valued at $69,000. CWM LLC lifted its position in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the last quarter. Innealta Capital LLC purchased a new position in First Interstate BancSystem during the second quarter worth $106,000. Finally, nVerses Capital LLC increased its position in First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Down 0.2 %

Shares of FIBK opened at $34.91 on Tuesday. The firm has a market cap of $3.65 billion, a P/E ratio of 15.31 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem has a 1 year low of $24.16 and a 1 year high of $36.77. The company has a 50 day simple moving average of $32.02 and a two-hundred day simple moving average of $29.85.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate 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 previous year, the firm earned $0.70 EPS. On average, equities analysts expect that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were given a dividend of $0.47 per share. The ex-dividend date was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.39%. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Analyst Upgrades and Downgrades

FIBK has been the subject of several recent research reports. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their price target for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Stephens reiterated an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Piper Sandler decreased their target price on shares of 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. Wells Fargo & Company lowered 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 report on Tuesday, October 1st. Finally, Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.83.

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.