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

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) saw a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 2,720,000 shares, a growth of 17.7% from the March 15th total of 2,310,000 shares. Based on an average trading volume of 875,100 shares, the short-interest ratio is presently 3.1 days.

First Interstate BancSystem Stock Down 1.0 %

First Interstate BancSystem stock traded down $0.25 during trading on Friday, reaching $24.84. The stock had a trading volume of 715,968 shares, compared to its average volume of 891,961. The stock has a market cap of $2.58 billion, a PE ratio of 10.02 and a beta of 0.87. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $32.54. The business has a 50 day moving average price of $26.13 and a 200 day moving average price of $26.61.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The business had revenue of $252.30 million during the quarter, compared to the consensus estimate of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. On average, analysts predict that First Interstate BancSystem will post 2.17 EPS for the current year.

First Interstate BancSystem Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 19th. Investors of record on Friday, February 9th were given a $0.47 dividend. This is an increase from First Interstate BancSystem's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $1.88 annualized dividend and a yield of 7.57%. First Interstate BancSystem's dividend payout ratio is 75.81%.

Insider Activity at First Interstate BancSystem

In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares of the company's stock, valued at $551,229.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Lorrie F. Asker sold 1,921 shares of the firm's stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the sale, the insider now owns 6,909 shares in the company, valued at $179,979.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total transaction of $77,604.00. Following the sale, 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. Insiders sold 7,531 shares of company stock valued at $197,645 over the last 90 days. Insiders own 6.80% of the company's stock.

Institutional Trading of First Interstate BancSystem

Several institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in First Interstate BancSystem by 28.2% in 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. Vanguard Group Inc. raised its position in First Interstate BancSystem by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider's stock valued at $282,303,000 after purchasing an additional 533,293 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in First Interstate BancSystem in the 4th quarter valued at $164,000. Wellington Management Group LLP increased its stake in First Interstate BancSystem by 5.0% in the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider's stock valued at $91,350,000 after buying an additional 142,069 shares during the period. Finally, Sierra Summit Advisors LLC acquired a new position in First Interstate BancSystem in the 4th quarter valued at $266,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on FIBK. TheStreet downgraded shares of First Interstate BancSystem from a "b-" rating to a "c+" rating in a report on Monday, March 18th. Wells Fargo & Company raised 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 research note on Wednesday. Finally, Barclays started coverage on shares of First Interstate BancSystem in a research report on Friday, March 8th. They set an "equal weight" rating and a $28.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $29.00.

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.