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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 2,190,000 shares, a decrease of 16.1% from the September 15th total of 2,610,000 shares. Based on an average trading volume of 581,900 shares, the short-interest ratio is currently 3.8 days.

First Interstate BancSystem Stock Up 2.7 %

NASDAQ FIBK traded up $0.86 during mid-day trading on Wednesday, reaching $32.50. The stock had a trading volume of 530,334 shares, compared to its average volume of 681,824. The stock has a market cap of $3.40 billion, a PE ratio of 12.61 and a beta of 0.81. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $33.00. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79. The company has a fifty day moving average price of $29.89 and a 200 day moving average price of $28.31.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. 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 previous year, the business earned $0.66 earnings per share. On average, research analysts expect that First Interstate BancSystem will post 2.34 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s payout ratio is presently 74.90%.

Institutional Trading of First Interstate BancSystem

Large investors have recently made changes to their positions in the stock. TNF LLC boosted its holdings in shares of First Interstate BancSystem by 1.7% in the second quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock worth $694,000 after buying an additional 410 shares during the last quarter. Caprock Group LLC raised its position in First Interstate BancSystem by 1.7% in the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after acquiring an additional 422 shares during the period. CWM LLC raised its position in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after acquiring an additional 430 shares during the period. Inspire Investing LLC boosted its stake in shares of First Interstate BancSystem by 4.6% during the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 570 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of First Interstate BancSystem by 1.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock valued at $1,370,000 after acquiring an additional 598 shares during the period. 88.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Keefe, Bruyette & Woods boosted 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. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Barclays boosted their price target on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Finally, Wells Fargo & Company lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $33.17.

About First Interstate BancSystem

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.