First Interstate BancSystem, Inc. (NASDAQ:FIBK) Short Interest Down 15.4% in July

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 2,140,000 shares, a decline of 15.4% from the July 15th total of 2,530,000 shares. Based on an average daily trading volume, of 658,300 shares, the short-interest ratio is presently 3.3 days.

Analyst Ratings Changes

Several research firms have recently commented on FIBK. Barclays upped their price objective 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. Keefe, Bruyette & Woods upped their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a "market perform" rating in a report on Monday, July 29th. Wells Fargo & Company lifted their price objective on First Interstate BancSystem from $25.00 to $30.00 and gave the company an "equal weight" rating in a research note on Monday, July 29th. Stephens upped their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, July 29th. Finally, DA Davidson upped their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $33.33.

First Interstate BancSystem Price Performance

NASDAQ:FIBK traded up $0.38 during trading hours on Friday, hitting $29.27. 496,333 shares of the stock were exchanged, compared to its average volume of 736,138. The company has a market cap of $3.06 billion, a P/E ratio of 11.51 and a beta of 0.82. The firm's fifty day moving average price is $28.39 and its 200 day moving average price is $27.16. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) 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. The firm had revenue of $244.30 million for the quarter, compared to the consensus estimate of $246.07 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. During the same period last year, the firm posted $0.66 earnings per share. As a group, equities research analysts anticipate that First Interstate BancSystem will post 2.32 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 74.90%.

Insider Transactions at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 29,499 shares of the company's stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the transaction, the director now directly owns 1,021,663 shares of the company's stock, valued at approximately $25,837,857.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 shares of the firm's stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the transaction, the director now owns 1,021,663 shares of the company's stock, valued at $25,837,857.27. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 209,831 shares of the business's stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the sale, the insider now directly owns 879,869 shares in the company, valued at $22,251,887.01. The disclosure for this sale can be found here. Insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FIBK. Wolverine Asset Management LLC purchased a new position in First Interstate BancSystem during the fourth quarter worth about $39,000. Parallel Advisors LLC raised its position in shares of First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider's stock valued at $39,000 after buying an additional 856 shares during the period. CWM LLC lifted its holdings in First Interstate BancSystem by 42.1% in the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider's stock valued at $73,000 after acquiring an additional 702 shares during the last quarter. PNC Financial Services Group Inc. grew its position in First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider's stock worth $104,000 after acquiring an additional 744 shares during the period. Finally, Innealta Capital LLC acquired a new stake in First Interstate BancSystem during the second quarter worth $106,000. Institutional investors and hedge funds 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.

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