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

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) was the target of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 3,550,000 shares, a growth of 23.7% from the May 15th total of 2,870,000 shares. Currently, 3.6% of the shares of the company are sold short. Based on an average trading volume of 922,100 shares, the short-interest ratio is currently 3.8 days.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock traded up $0.16 during trading hours on Friday, reaching $26.37. The stock had a trading volume of 1,467,668 shares, compared to its average volume of 700,554. The stock's 50 day moving average is $26.95 and its 200 day moving average is $29.61. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem has a twelve month low of $22.95 and a twelve month high of $36.77. The firm has a market capitalization of $2.77 billion, a PE ratio of 12.50 and a beta of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $42.00 million during the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. First Interstate BancSystem's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. Equities analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem's payout ratio is 89.10%.

Institutional Trading of First Interstate BancSystem

Institutional investors have recently modified their holdings of the stock. Swiss National Bank increased its position in shares of First Interstate BancSystem by 0.5% during the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock worth $6,008,000 after purchasing an additional 1,000 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in First Interstate BancSystem by 39.7% during the 4th quarter. Ameriprise Financial Inc. now owns 62,928 shares of the financial services provider's stock worth $2,043,000 after purchasing an additional 17,879 shares during the last quarter. Natixis Advisors LLC acquired a new stake in First Interstate BancSystem during the 4th quarter worth $1,366,000. JPMorgan Chase & Co. raised its position in shares of First Interstate BancSystem by 3.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider's stock valued at $95,360,000 after buying an additional 107,774 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of First Interstate BancSystem by 149.5% in the first quarter. Harbor Capital Advisors Inc. now owns 353,086 shares of the financial services provider's stock worth $10,116,000 after buying an additional 211,584 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FIBK. Wells Fargo & Company reduced their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a report on Wednesday, April 9th. Wall Street Zen upgraded First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, Barclays lowered their target price on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem presently has a consensus rating of "Hold" and an average target price of $35.00.

First Interstate BancSystem Company Profile

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.