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

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

First Interstate BancSystem Stock Up 0.0 %

Shares of NASDAQ:FIBK opened at $32.54 on Tuesday. The stock’s 50-day moving average price is $33.23 and its 200-day moving average price is $31.37. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $36.77. The stock has a market capitalization of $3.40 billion, a P/E ratio of 14.27 and a beta of 0.85. 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 announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (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 period in the prior year, the firm earned $0.70 EPS. On average, equities analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.78%. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FIBK. Keefe, Bruyette & Woods upped their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Wells Fargo & Company reduced their target price on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. UBS Group began coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price on the stock. Barclays increased their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Finally, DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their target price for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.00.

Insiders Place Their Bets

In other news, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction 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 transaction, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. The trade was a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock worth $1,839,583 over the last 90 days. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of institutional investors have recently modified their holdings of FIBK. Dimensional Fund Advisors LP boosted its holdings in shares of First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares during the period. Jennison Associates LLC lifted its holdings in First Interstate BancSystem by 57.3% in the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock worth $27,176,000 after buying an additional 322,578 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in First Interstate BancSystem by 37,734.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after buying an additional 141,128 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in First Interstate BancSystem by 100.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock worth $6,485,000 after buying an additional 105,670 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after buying an additional 78,596 shares during the period. 88.71% of the stock is currently owned by hedge funds and other 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.