First Interstate BancSystem (NASDAQ:FIBK) Issues Earnings Results, Beats Estimates By $0.19 EPS

First Interstate BancSystem (NASDAQ:FIBK) released its quarterly earnings results on Thursday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.19, Zacks reports. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.

First Interstate BancSystem Stock Performance

NASDAQ FIBK traded down $0.29 during trading hours on Thursday, hitting $38.10. 1,759,245 shares of the stock were exchanged, compared to its average volume of 1,167,481. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $37.02 and a 200 day moving average of $35.99. First Interstate BancSystem has a 12-month low of $27.60 and a 12-month high of $40.60. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 12.41 and a beta of 0.76.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s payout ratio is 61.24%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday, March 30th. DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $41.00 to $39.00 in a research note on Wednesday, May 27th. Piper Sandler lowered their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Finally, UBS Group upped their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $37.33.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the sale, the insider owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the sale, the insider owned 488,359 shares in the company, valued at $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 32,392 shares of company stock valued at $1,161,552 in the last quarter. 8.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently bought and sold shares of the company. Mariner LLC acquired a new position in First Interstate BancSystem during the fourth quarter worth about $233,000. Cibc World Markets Corp purchased a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $205,000. Janney Montgomery Scott LLC purchased a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $234,000. Vise Technologies Inc. acquired a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $249,000. Finally, Captrust Financial Advisors purchased a new position in First Interstate BancSystem during the second quarter worth $216,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

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.