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

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

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 30,432 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $31.03, for a total transaction of $944,304.96. Following the transaction, the director owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the completion of the transaction, the insider directly owned 224,460 shares of the company’s stock, valued at approximately $7,351,065. The trade was a 4.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 67,232 shares of company stock worth $2,138,746. 8.20% of the stock is owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently modified their holdings of FIBK. First Horizon Corp bought a new position in First Interstate BancSystem during the third quarter valued at $26,000. GAMMA Investing LLC grew its stake in shares of First Interstate BancSystem by 186.5% during the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 647 shares during the period. EverSource Wealth Advisors LLC increased its holdings in First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares during the last quarter. Jones Financial Companies Lllp raised its stake in 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 acquiring an additional 1,500 shares during the period. Finally, CIBC Private Wealth Group LLC bought a new stake in First Interstate BancSystem in the 3rd quarter valued at about $52,000. Institutional investors own 88.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Barclays boosted their price target on First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. Wall Street Zen lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. UBS Group restated a “neutral” rating and issued a $37.00 target price on shares of First Interstate BancSystem in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods increased their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company 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 issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $37.29.

First Interstate BancSystem Stock Down 2.1%

Shares of FIBK traded down $0.78 during trading hours on Tuesday, reaching $36.07. 509,898 shares of the stock traded hands, compared to its average volume of 1,051,647. First Interstate BancSystem has a 52 week low of $22.95 and a 52 week high of $38.01. The stock has a fifty day simple moving average of $34.46 and a 200 day simple moving average of $32.40. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 15.22 and a beta of 0.80. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, November 6th. The financial services provider reported $0.69 EPS for the quarter. The business had revenue of $250.50 million for the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%. On average, equities analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Monday, November 10th. First Interstate BancSystem’s dividend payout ratio is currently 79.32%.

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.