First Interstate Bancsystem Inc (NASDAQ:FIBK) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 610,900 shares, an increase of 11.1% from the December 15th total of 549,800 shares. Based on an average daily trading volume, of 176,500 shares, the days-to-cover ratio is currently 3.5 days. Currently, 1.5% of the shares of the company are short sold.
Shares of First Interstate Bancsystem stock traded up $0.43 during trading on Thursday, hitting $40.86. 1,776 shares of the company were exchanged, compared to its average volume of 148,434. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.05. First Interstate Bancsystem has a fifty-two week low of $36.57 and a fifty-two week high of $43.83. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 1.66 and a beta of 1.17. The firm has a 50 day moving average price of $41.82 and a 200 day moving average price of $40.64.
First Interstate Bancsystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.03). First Interstate Bancsystem had a return on equity of 10.21% and a net margin of 24.33%. The company had revenue of $166.30 million for the quarter, compared to analyst estimates of $167.38 million. Analysts predict that First Interstate Bancsystem will post 3.05 earnings per share for the current year.
In other news, CEO Kevin P. Riley purchased 1,300 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average cost of $42.09 per share, for a total transaction of $54,717.00. Following the completion of the purchase, the chief executive officer now directly owns 21,930 shares in the company, valued at approximately $923,033.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James R. Scott, Jr. sold 3,778 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $43.63, for a total transaction of $164,834.14. Following the transaction, the director now directly owns 44,543 shares of the company’s stock, valued at $1,943,411.09. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,894 shares of company stock valued at $255,378. 24.93% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of FIBK. Citadel Advisors LLC raised its holdings in First Interstate Bancsystem by 0.7% in the 2nd quarter. Citadel Advisors LLC now owns 652,767 shares of the financial services provider’s stock valued at $25,856,000 after acquiring an additional 4,838 shares during the last quarter. Comerica Bank acquired a new position in First Interstate Bancsystem in the 3rd quarter valued at $2,920,000. Envestnet Asset Management Inc. raised its holdings in First Interstate Bancsystem by 3.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 27,326 shares of the financial services provider’s stock valued at $1,100,000 after acquiring an additional 835 shares during the last quarter. Stifel Financial Corp raised its holdings in First Interstate Bancsystem by 4.5% in the 3rd quarter. Stifel Financial Corp now owns 60,489 shares of the financial services provider’s stock valued at $2,432,000 after acquiring an additional 2,616 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in First Interstate Bancsystem in the 2nd quarter valued at $7,031,000. Hedge funds and other institutional investors own 49.61% of the company’s stock.
FIBK has been the topic of several recent analyst reports. ValuEngine upgraded First Interstate Bancsystem from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. BidaskClub lowered First Interstate Bancsystem from a “sell” rating to a “strong sell” rating in a report on Tuesday. Finally, Zacks Investment Research raised First Interstate Bancsystem from a “sell” rating to a “hold” rating in a report on Tuesday, December 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. First Interstate Bancsystem presently has an average rating of “Hold” and a consensus price target of $44.00.
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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