First Interstate BancSystem, Inc. (NASDAQ:FIBK) Sees Significant Growth in Short Interest

First Interstate BancSystem, Inc. (NASDAQ:FIBK) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 2,880,000 shares, an increase of 5.9% from the March 31st total of 2,720,000 shares. Based on an average daily trading volume, of 892,400 shares, the short-interest ratio is currently 3.2 days.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $27.46 on Thursday. The stock’s fifty day simple moving average is $26.15 and its 200 day simple moving average is $26.76. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 10.94 and a beta of 0.87. First Interstate BancSystem has a one year low of $20.81 and a one year high of $32.54.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The business had revenue of $252.30 million for the quarter, compared to analyst estimates of $254.50 million. On average, analysts expect that First Interstate BancSystem will post 2.18 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be given a $0.47 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.88 annualized dividend and a yield of 6.85%. First Interstate BancSystem’s payout ratio is 74.90%.

Analyst Ratings Changes

Several analysts have recently weighed in on FIBK shares. Wells Fargo & Company lifted their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Piper Sandler lifted their price objective on First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday. Keefe, Bruyette & Woods lifted their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 26th. Stephens reissued an “overweight” rating and set a $32.00 price objective on shares of First Interstate BancSystem in a report on Thursday, April 25th. Finally, Barclays boosted their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $30.20.

Insiders Place Their Bets

In other First Interstate BancSystem news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the transaction, the executive vice president now directly owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other First Interstate BancSystem news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the transaction, the executive vice president now directly owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Lorrie F. Asker sold 1,921 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total value of $50,042.05. Following the completion of the transaction, the insider now directly owns 6,909 shares in the company, valued at $179,979.45. The disclosure for this sale can be found here. Insiders have sold a total of 7,531 shares of company stock valued at $197,645 in the last three months. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently bought and sold shares of the business. Caprock Group LLC raised its position in First Interstate BancSystem by 1.8% in the 1st quarter. Caprock Group LLC now owns 25,251 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 437 shares during the last quarter. Global Retirement Partners LLC raised its position in First Interstate BancSystem by 132.8% in the 4th quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 530 shares during the last quarter. Signaturefd LLC raised its position in First Interstate BancSystem by 22.0% in the 3rd quarter. Signaturefd LLC now owns 3,886 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 700 shares during the last quarter. CWM LLC raised its position in First Interstate BancSystem by 42.1% in the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 702 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in First Interstate BancSystem by 28.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

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.