First Interstate BancSystem, Inc. (NASDAQ:FIBK) Short Interest Up 7.5% in November

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 2,300,000 shares, an increase of 7.5% from the October 31st total of 2,140,000 shares. Based on an average daily volume of 560,700 shares, the days-to-cover ratio is presently 4.1 days.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Stephens reaffirmed an "overweight" rating and set a $36.00 price target on shares of First Interstate BancSystem in a research note on Thursday, October 10th. DA Davidson upgraded shares of First Interstate BancSystem from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Barclays lowered First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Piper Sandler cut their target price on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating on the stock in a research note on Monday, October 28th. Finally, StockNews.com raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Thursday, November 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $34.17.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded down $0.60 during trading hours on Tuesday, reaching $34.31. The stock had a trading volume of 513,239 shares, compared to its average volume of 673,185. The stock's fifty day simple moving average is $32.02 and its 200 day simple moving average is $29.85. The firm has a market capitalization of $3.59 billion, a PE ratio of 15.31 and a beta of 0.84. First Interstate BancSystem has a 12 month low of $24.16 and a 12 month high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter in the previous year, the business earned $0.70 EPS. On average, equities research analysts predict that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.48%. First Interstate BancSystem's payout ratio is currently 82.46%.

Insider Activity

In other news, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This trade represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now directly owns 958,710 shares of the company's stock, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider's stock worth $127,204,000 after buying an additional 367,212 shares in the last quarter. Empower Advisory Group LLC grew its position in First Interstate BancSystem by 4.8% in the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider's stock worth $14,318,000 after acquiring an additional 21,191 shares in the last quarter. Versor Investments LP bought a new position in First Interstate BancSystem in the third quarter valued at $914,000. CWM LLC raised its position in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock valued at $87,000 after purchasing an additional 430 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in First Interstate BancSystem by 1,115.4% during the third quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider's stock worth $2,546,000 after purchasing an additional 76,169 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

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.