First Interstate BancSystem, Inc. (NASDAQ:FIBK) Short Interest Up 13.3% in September

Posted by on Oct 16th, 2023

First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 3,060,000 shares, an increase of 13.3% from the September 15th total of 2,700,000 shares. Based on an average daily trading volume, of 664,300 shares, the short-interest ratio is currently 4.6 days.

First Interstate BancSystem Trading Down 4.8 %

First Interstate BancSystem stock opened at $22.98 on Monday. The firm has a 50-day moving average of $25.61 and a 200-day moving average of $25.63. First Interstate BancSystem has a one year low of $21.03 and a one year high of $46.34. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 8.18 and a beta of 0.86.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.05). First Interstate BancSystem had a return on equity of 10.44% and a net margin of 21.85%. The business had revenue of $262.50 million for the quarter, compared to analyst estimates of $270.50 million. On average, equities analysts expect that First Interstate BancSystem will post 2.56 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 7th were paid a $0.47 dividend. The ex-dividend date of this dividend was Friday, August 4th. This represents a $1.88 annualized dividend and a yield of 8.18%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 66.90%.

Insider Activity at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 44,000 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $24.87, for a total value of $1,094,280.00. Following the completion of the sale, the director now owns 1,051,162 shares in the company, valued at approximately $26,142,398.94. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Jonathan R. Scott sold 44,000 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $24.87, for a total value of $1,094,280.00. Following the completion of the sale, the director now owns 1,051,162 shares in the company, valued at approximately $26,142,398.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 20,000 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $25.09, for a total transaction of $501,800.00. Following the completion of the sale, the insider now owns 1,183,100 shares of the company’s stock, valued at approximately $29,683,979. The disclosure for this sale can be found here. Insiders sold a total of 72,072 shares of company stock worth $1,797,557 in the last quarter. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC lifted its stake in First Interstate BancSystem by 50.1% in the 1st quarter. SG Americas Securities LLC now owns 10,698 shares of the financial services provider’s stock valued at $319,000 after purchasing an additional 3,571 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in First Interstate BancSystem by 30.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 180,751 shares of the financial services provider’s stock valued at $4,309,000 after purchasing an additional 42,401 shares during the last quarter. American Century Companies Inc. lifted its stake in First Interstate BancSystem by 56.4% in the 1st quarter. American Century Companies Inc. now owns 1,870,502 shares of the financial services provider’s stock valued at $55,853,000 after purchasing an additional 674,388 shares during the last quarter. Allied Investment Advisors LLC lifted its stake in First Interstate BancSystem by 6.5% in the 1st quarter. Allied Investment Advisors LLC now owns 10,804 shares of the financial services provider’s stock valued at $323,000 after purchasing an additional 660 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its position in First Interstate BancSystem by 55.4% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 10,100 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 3,600 shares during the last quarter. 78.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FIBK has been the subject of a number of research reports. Wells Fargo & Company reiterated an “equal weight” rating on shares of First Interstate BancSystem in a report on Wednesday, October 4th. StockNews.com initiated coverage on First Interstate BancSystem in a report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Stephens lowered their target price on First Interstate BancSystem from $35.00 to $32.00 in a report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $31.60.

Check Out Our Latest Analysis on FIBK

About First Interstate BancSystem

(Get Free Report)

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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