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

by · The Markets Daily

First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Free Report) saw a significant growth in short interest in December. As of December 15th, there was short interest totaling 8,147,898 shares, a growth of 58.1% from the November 30th total of 5,153,664 shares. Based on an average daily volume of 2,672,488 shares, the short-interest ratio is presently 3.0 days. Approximately 8.6% of the company’s shares are sold short. Approximately 8.6% of the company’s shares are sold short. Based on an average daily volume of 2,672,488 shares, the short-interest ratio is presently 3.0 days.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $35.15 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.74 and a quick ratio of 0.73. First Interstate BancSystem has a 1-year low of $22.95 and a 1-year high of $36.35. The stock has a market cap of $3.62 billion, a PE ratio of 14.83 and a beta of 0.82. The firm has a fifty day moving average price of $33.17 and a 200 day moving average price of $31.57.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last posted its earnings results on Thursday, November 6th. The financial services provider reported $0.69 EPS for the quarter. The business had revenue of $250.50 million for the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Monday, November 10th were paid a $0.47 dividend. The ex-dividend date was Monday, November 10th. This represents a $1.88 dividend on an annualized basis and a yield of 5.3%. First Interstate BancSystem’s payout ratio is currently 79.32%.

Wall Street Analyst Weigh In

FIBK has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Wells Fargo & Company upped their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. UBS Group lifted their price target on shares of First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. DA Davidson increased their price objective on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.86.

View Our Latest Report on First Interstate BancSystem

Insiders Place Their Bets

In other news, major shareholder Jonathan R. Scott sold 13,715 shares of First Interstate BancSystem stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $32.09, for a total value of $440,114.35. Following the completion of the sale, the insider directly owned 959,109 shares of the company’s stock, valued at approximately $30,777,807.81. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the transaction, the insider directly owned 224,460 shares in the company, valued at approximately $7,351,065. The trade was a 4.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 82,232 shares of company stock worth $2,597,488 over the last ninety days. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds have recently made changes to their positions in the business. First Horizon Corp acquired a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at approximately $26,000. GAMMA Investing LLC raised its position in First Interstate BancSystem by 186.5% in the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 647 shares in the last quarter. Quarry LP raised its position in First Interstate BancSystem by 63.8% in the first quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 450 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 862 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of First Interstate BancSystem by 1,485.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

About First Interstate BancSystem

(Get Free Report)

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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