First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the target of a large decline in short interest in June. As of June 30th, there was short interest totalling 537,214 shares, a decline of 37.4% from the June 15th total of 858,768 shares. Currently, 1.7% of the shares of the stock are short sold. Based on an average daily volume of 256,473 shares, the days-to-cover ratio is currently 2.1 days.

Several hedge funds and other institutional investors have recently modified their holdings of FIBK. Vanguard Group Inc. raised its position in shares of First Interstate BancSystem by 44.7% in the first quarter. Vanguard Group Inc. now owns 1,795,049 shares of the financial services provider’s stock valued at $71,175,000 after buying an additional 554,418 shares during the period. State Street Corp raised its position in shares of First Interstate BancSystem by 66.0% in the first quarter. State Street Corp now owns 769,627 shares of the financial services provider’s stock valued at $30,523,000 after buying an additional 305,988 shares during the period. Bahl & Gaynor Inc. raised its position in shares of First Interstate BancSystem by 367.8% in the first quarter. Bahl & Gaynor Inc. now owns 186,412 shares of the financial services provider’s stock valued at $7,392,000 after buying an additional 146,566 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of First Interstate BancSystem by 28.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 405,384 shares of the financial services provider’s stock valued at $16,073,000 after buying an additional 90,083 shares during the period. Finally, RidgeWorth Capital Management LLC acquired a new position in shares of First Interstate BancSystem during the first quarter valued at about $3,358,000. 38.76% of the stock is currently owned by institutional investors.

Shares of First Interstate BancSystem (NASDAQ FIBK) opened at 36.80 on Monday. The company has a market capitalization of $1.66 billion, a P/E ratio of 16.80 and a beta of 1.15. First Interstate BancSystem has a 12-month low of $28.00 and a 12-month high of $45.35. The company has a 50 day moving average of $36.64 and a 200-day moving average of $39.86.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by $0.02. The business had revenue of $98 million during the quarter, compared to the consensus estimate of $105.22 million. First Interstate BancSystem had a net margin of 22.60% and a return on equity of 9.99%. On average, equities analysts anticipate that First Interstate BancSystem will post $2.28 EPS for the current fiscal year.

FIBK has been the topic of a number of research reports. ValuEngine upgraded shares of First Interstate BancSystem from a “hold” rating to a “buy” rating in a report on Wednesday, May 31st. BidaskClub upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Keefe, Bruyette & Woods set a $43.00 target price on shares of First Interstate BancSystem and gave the stock a “hold” rating in a report on Saturday, May 27th. Zacks Investment Research downgraded shares of First Interstate BancSystem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 1st. Finally, Wells Fargo & Company upgraded shares of First Interstate BancSystem from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $42.75.

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About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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