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

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

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Lorrie F. Asker sold 1,921 shares of the business’s 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 transaction, the insider now owns 6,909 shares in the company, valued at approximately $179,979.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,531 shares of company stock worth $197,645. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC raised its holdings in First Interstate BancSystem by 132.8% during the 4th quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 530 shares during the period. Wolverine Asset Management LLC bought a new stake in First Interstate BancSystem during the 4th quarter valued at $39,000. Parallel Advisors LLC increased its holdings in shares of First Interstate BancSystem by 205.3% in the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 856 shares during the period. CWM LLC increased its holdings in shares of First Interstate BancSystem by 42.1% in the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 702 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of First Interstate BancSystem in the third quarter worth $81,000. Institutional investors own 88.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FIBK. Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 26th. Piper Sandler lifted their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. TheStreet cut shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. Finally, Stephens reaffirmed an “overweight” rating and issued a $32.00 price target on shares of First Interstate BancSystem in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and a consensus target price of $30.20.

First Interstate BancSystem Trading Up 2.8 %

NASDAQ:FIBK opened at $27.46 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $2.85 billion, a PE ratio of 10.94 and a beta of 0.87. The firm’s 50 day moving average is $26.15 and its 200 day moving average is $26.76. First Interstate BancSystem has a 12 month low of $20.81 and a 12 month high of $32.54.

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

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 6.85%. 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.