Short Interest in First Interstate BancSystem, Inc. (NASDAQ:FIBK) Decreases By 17.6%

First Interstate BancSystem, Inc. (NASDAQ:FIBK) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 6,710,941 shares, a decline of 17.6% from the December 15th total of 8,147,898 shares. Based on an average daily volume of 1,042,305 shares, the days-to-cover ratio is currently 6.4 days. Currently, 7.1% of the shares of the stock are sold short. Currently, 7.1% of the shares of the stock are sold short. Based on an average daily volume of 1,042,305 shares, the days-to-cover ratio is currently 6.4 days.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total value of $67,452.84. Following the completion of the sale, the insider directly owned 936,024 shares in the company, valued at $34,558,006.08. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $31.03, for a total transaction of $944,304.96. Following the completion of the transaction, the director directly owned 1,414,636 shares in the company, valued at approximately $43,896,155.08. This represents a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 67,232 shares of company stock valued at $2,138,746 over the last 90 days. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently added to or reduced their stakes in the stock. First Horizon Corp purchased a new stake in shares of First Interstate BancSystem during the 3rd quarter worth approximately $26,000. GAMMA Investing LLC grew its holdings in shares of First Interstate BancSystem by 186.5% during the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 647 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 862 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,500 shares during the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of First Interstate BancSystem in the 3rd quarter valued at about $52,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Down 1.1%

NASDAQ FIBK opened at $36.85 on Monday. First Interstate BancSystem has a 52 week low of $22.95 and a 52 week high of $38.01. The firm has a 50 day moving average of $34.36 and a two-hundred day moving average of $32.36. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.79 billion, a PE ratio of 15.55 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, November 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter. The business had revenue of $250.50 million during the quarter. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 7.25%. As a group, research analysts expect that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were issued a $0.47 dividend. The ex-dividend date was Monday, November 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. First Interstate BancSystem’s dividend payout ratio is presently 79.32%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FIBK. Wells Fargo & Company raised their target price on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Wall Street Zen cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. UBS Group reiterated a “neutral” rating and issued a $37.00 price objective on shares of First Interstate BancSystem in a report on Tuesday, January 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.29.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.