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

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

Analysts Set New Price Targets

A number of analysts recently issued reports on FIBK shares. Stephens boosted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Piper Sandler reiterated an “overweight” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Barclays raised their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $33.33.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its stake in shares of First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after buying an additional 856 shares during the last quarter. CWM LLC boosted its stake in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares in the last quarter. PNC Financial Services Group Inc. grew its position in First Interstate BancSystem by 28.2% during 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. Innealta Capital LLC bought a new position in shares of First Interstate BancSystem in the second quarter worth approximately $106,000. Finally, nVerses Capital LLC grew its holdings in shares of First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after buying an additional 3,300 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Up 1.0 %

FIBK opened at $30.80 on Wednesday. The company has a market cap of $3.22 billion, a P/E ratio of 12.27 and a beta of 0.82. First Interstate BancSystem has a 12 month low of $20.81 and a 12 month 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 business’s 50-day moving average price is $30.00 and its 200-day moving average price is $27.75.

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

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.47 dividend. The ex-dividend date was Monday, August 5th. This represents a $1.88 annualized dividend and a dividend yield of 6.10%. First Interstate BancSystem’s payout ratio is 74.90%.

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.