First Interstate BancSystem (NASDAQ:FIBK) Releases Quarterly Earnings Results, Misses Estimates By $0.27 EPS

Key Points

• First Interstate BancSystem reported quarterly EPS of $0.65, missing the consensus estimate of $0.92 by $0.27. The company posted a 23.63% net margin and 9.55% return on equity.
• Shares rose $1.21 to $36.88, near the consensus analyst price target of $37.00. Analysts remain cautious overall, with the stock carrying an average “Reduce” rating.
• Company insiders sold 27,700 shares worth approximately $1.03 million over the past 90 days, while insiders collectively own 8% of the stock.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) announced its quarterly earnings results on Thursday. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.27), Zacks reports. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%.

First Interstate BancSystem Stock Performance

FIBK traded up $1.21 during trading on Thursday, reaching $36.88. 1,957,298 shares of the company's stock were exchanged, compared to its average volume of 1,158,204. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The company's fifty day simple moving average is $36.58 and its 200-day simple moving average is $36.53. First Interstate BancSystem has a 1 year low of $29.39 and a 1 year high of $40.60. The stock has a market capitalization of $3.51 billion, a P/E ratio of 11.35 and a beta of 0.73.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the transaction, the insider owned 484,309 shares of the company's stock, valued at $18,229,390.76. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jonathan R. Scott sold 8,071 shares of the firm's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the completion of the transaction, the insider owned 817,738 shares in the company, valued at $30,493,450.02. The trade was a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 27,700 shares of company stock worth $1,029,476. 8.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FIBK. Wells Fargo & Company reiterated an "underweight" rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Weiss Ratings restated a "buy (b)" rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. DA Davidson reiterated a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research report on Monday, July 27th. Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, October 10th. Finally, Benchmark upgraded shares of First Interstate BancSystem to a "hold" rating in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of "Reduce" and a consensus price target of $37.00.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.