First Interstate Bancsystem Inc (NASDAQ:FIBK) was the target of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 851,400 shares, a decline of 11.5% from the June 30th total of 961,900 shares. Approximately 2.3% of the shares of the company are sold short. Based on an average daily volume of 200,600 shares, the short-interest ratio is currently 4.2 days.
In related news, Director Peter I. Wold purchased 1,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was acquired at an average price of $37.81 per share, with a total value of $37,810.00. Following the completion of the acquisition, the director now owns 3,707 shares of the company’s stock, valued at approximately $140,161.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kevin P. Riley sold 5,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $39.36, for a total value of $196,800.00. Following the sale, the chief executive officer now directly owns 21,880 shares of the company’s stock, valued at approximately $861,196.80. The disclosure for this sale can be found here. Insiders own 24.93% of the company’s stock.
Several large investors have recently bought and sold shares of FIBK. Balyasny Asset Management LLC raised its stake in First Interstate Bancsystem by 197.9% in the 2nd quarter. Balyasny Asset Management LLC now owns 244,662 shares of the financial services provider’s stock worth $9,691,000 after acquiring an additional 162,535 shares during the last quarter. CWH Capital Management Inc. purchased a new position in First Interstate Bancsystem in the 2nd quarter worth $3,976,000. Vanguard Group Inc. raised its stake in First Interstate Bancsystem by 10.5% in the 2nd quarter. Vanguard Group Inc. now owns 3,570,278 shares of the financial services provider’s stock worth $141,419,000 after acquiring an additional 340,132 shares during the last quarter. Johnson Investment Counsel Inc. raised its stake in First Interstate Bancsystem by 24.4% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 32,076 shares of the financial services provider’s stock worth $1,270,000 after acquiring an additional 6,300 shares during the last quarter. Finally, BlackRock Inc. raised its stake in First Interstate Bancsystem by 10.1% in the 2nd quarter. BlackRock Inc. now owns 2,732,811 shares of the financial services provider’s stock worth $108,247,000 after acquiring an additional 251,633 shares during the last quarter. Institutional investors own 52.31% of the company’s stock.
A number of equities analysts have recently weighed in on FIBK shares. BidaskClub raised First Interstate Bancsystem from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. ValuEngine lowered First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research lowered First Interstate Bancsystem from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $43.98.
Shares of NASDAQ FIBK traded down $0.72 during mid-day trading on Wednesday, reaching $38.28. The company’s stock had a trading volume of 64,182 shares, compared to its average volume of 197,159. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 1.42 and a beta of 1.18. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.05. The firm’s fifty day simple moving average is $39.19. First Interstate Bancsystem has a 52 week low of $34.61 and a 52 week high of $47.05.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 21st. Investors of record on Thursday, August 8th will be given a $0.31 dividend. This is an increase from First Interstate Bancsystem’s previous quarterly dividend of $0.20. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Wednesday, August 7th. First Interstate Bancsystem’s payout ratio is currently 42.47%.
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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
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