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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) saw a large increase in short interest in January. As of January 15th, there was short interest totalling 2,510,000 shares, an increase of 7.7% from the December 31st 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.

Analyst Upgrades and Downgrades

FIBK has been the subject of several research analyst reports. Stephens lowered their price objective on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday. Piper Sandler lowered their target price on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Monday. Barclays increased their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods boosted their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their target price on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday. Three 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’s stock. According to MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and an average target price of $36.14.

First Interstate BancSystem Stock Performance

Shares of FIBK traded up $0.40 on Tuesday, reaching $32.15. 50,976 shares of the company’s stock traded hands, compared to its average volume of 605,885. The stock’s 50 day simple moving average is $33.10 and its two-hundred day simple moving average is $31.61. The stock has a market cap of $3.36 billion, a PE ratio of 14.66 and a beta of 0.85. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. On average, analysts forecast that First Interstate BancSystem will post 2.54 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Monday, February 10th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.85%. First Interstate BancSystem’s dividend payout ratio is presently 85.85%.

Insider Transactions at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the transaction, the director now owns 958,710 shares in the company, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Allied Investment Advisors LLC grew its holdings in First Interstate BancSystem by 32.0% during the 4th quarter. Allied Investment Advisors LLC now owns 13,480 shares of the financial services provider’s stock valued at $438,000 after buying an additional 3,270 shares in the last quarter. New York State Common Retirement Fund increased its holdings in First Interstate BancSystem by 14.0% during the 4th quarter. New York State Common Retirement Fund now owns 26,866 shares of the financial services provider’s stock worth $872,000 after acquiring an additional 3,300 shares during the period. Kestra Investment Management LLC lifted its stake in First Interstate BancSystem by 105.1% in the 4th quarter. Kestra Investment Management LLC now owns 52,757 shares of the financial services provider’s stock worth $1,713,000 after purchasing an additional 27,030 shares in the last quarter. Rhumbline Advisers boosted its holdings in First Interstate BancSystem by 1.4% in the 4th quarter. Rhumbline Advisers now owns 129,964 shares of the financial services provider’s stock valued at $4,220,000 after purchasing an additional 1,785 shares during the period. Finally, Jennison Associates LLC boosted its stake in First Interstate BancSystem by 73.9% during the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock valued at $50,020,000 after buying an additional 654,688 shares during the period. 88.71% of the stock is owned by institutional investors.

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.