First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 337,597 shares, a drop of 33.1% from the July 14th total of 504,431 shares. Based on an average trading volume of 174,085 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.1% of the company’s shares are sold short.

Shares of First Interstate BancSystem (NASDAQ:FIBK) opened at 35.45 on Friday. First Interstate BancSystem has a one year low of $29.55 and a one year high of $45.35. The company’s 50-day moving average is $36.75 and its 200-day moving average is $38.79. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 17.18 and a beta of 1.15.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business had revenue of $116.50 million for the quarter, compared to analyst estimates of $119.97 million. First Interstate BancSystem had a net margin of 21.08% and a return on equity of 9.44%. On average, equities analysts predict that First Interstate BancSystem will post $2.29 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Wednesday, August 2nd were given a dividend of $0.24 per share. The ex-dividend date was Monday, July 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.71%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 46.38%.

Institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its position in shares of First Interstate BancSystem by 622.6% in the second quarter. BNP Paribas Arbitrage SA now owns 2,970 shares of the financial services provider’s stock worth $110,000 after buying an additional 2,559 shares during the period. Quantbot Technologies LP raised its position in shares of First Interstate BancSystem by 955.6% in the second quarter. Quantbot Technologies LP now owns 3,019 shares of the financial services provider’s stock worth $112,000 after buying an additional 2,733 shares during the period. Sei Investments Co. raised its position in shares of First Interstate BancSystem by 5.6% in the first quarter. Sei Investments Co. now owns 3,154 shares of the financial services provider’s stock worth $125,000 after buying an additional 168 shares during the period. Victory Capital Management Inc. raised its position in shares of First Interstate BancSystem by 17.7% in the second quarter. Victory Capital Management Inc. now owns 4,531 shares of the financial services provider’s stock worth $169,000 after buying an additional 680 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in shares of First Interstate BancSystem by 38.3% in the second quarter. Great West Life Assurance Co. Can now owns 4,611 shares of the financial services provider’s stock worth $171,000 after buying an additional 1,278 shares during the period. Institutional investors and hedge funds own 38.69% of the company’s stock.

Several equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of First Interstate BancSystem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 1st. Barclays PLC restated an “overweight” rating and issued a $41.00 target price on shares of First Interstate BancSystem in a report on Tuesday, June 13th. BidaskClub upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Wells Fargo & Company upgraded shares of First Interstate BancSystem from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $43.00 target price (down previously from $44.00) on shares of First Interstate BancSystem in a report on Thursday, June 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. First Interstate BancSystem currently has a consensus rating of “Buy” and an average target price of $42.00.

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About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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