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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 2,590,000 shares, an increase of 12.1% from the August 15th total of 2,310,000 shares. Based on an average daily trading volume, of 628,700 shares, the short-interest ratio is presently 4.1 days.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FIBK shares. Wells Fargo & Company raised their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Barclays increased their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a report on Monday, August 26th. Finally, StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $33.33.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in First Interstate BancSystem by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock valued at $28,630,000 after acquiring an additional 42,580 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First Interstate BancSystem by 20.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,590,707 shares of the financial services provider’s stock worth $110,418,000 after purchasing an additional 620,682 shares during the period. Norges Bank bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $26,584,000. D.A. Davidson & CO. grew its position in First Interstate BancSystem by 10.6% in the 4th quarter. D.A. Davidson & CO. now owns 67,237 shares of the financial services provider’s stock worth $2,068,000 after purchasing an additional 6,464 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of First Interstate BancSystem by 36.2% during the 4th quarter. Franklin Resources Inc. now owns 5,453,783 shares of the financial services provider’s stock worth $167,704,000 after acquiring an additional 1,449,219 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Trading Up 1.3 %

FIBK traded up $0.40 on Monday, hitting $30.60. The company had a trading volume of 173,255 shares, compared to its average volume of 696,450. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $33.00. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The company’s fifty day moving average price is $29.87 and its 200 day moving average price is $27.69. The firm has a market cap of $3.20 billion, a P/E ratio of 12.18 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. The firm had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $246.07 million. During the same quarter in the prior year, the business earned $0.66 EPS. As a group, equities analysts expect that First Interstate BancSystem will post 2.34 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.14%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

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.