First Interstate BancSystem (NASDAQ:FIBK) Announces Earnings Results

Key Points

• First Interstate BancSystem reported earnings of $0.69 per share for the quarter, surpassing analysts' expectations of $0.58.
• The company's stock decreased by 0.9% on the same day, reaching a price of $29.38, despite having a market capitalization of $3.08 billion.
• Several analysts have upgraded First Interstate BancSystem's stock rating, with Keefe, Bruyette & Woods increasing their target price to $32.00 and changing their rating from "hold" to "moderate buy."

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) issued its earnings results on Tuesday. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.12, Zacks reports. The business had revenue of $248.30 million during the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. First Interstate BancSystem's revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 EPS.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $29.38 on Wednesday. The firm has a market capitalization of $3.08 billion, a PE ratio of 13.92 and a beta of 0.79. The stock's fifty day moving average is $28.61 and its 200 day moving average is $28.99. First Interstate BancSystem has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.77 and a current ratio of 0.77.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Monday, August 11th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.40%. First Interstate BancSystem's payout ratio is 89.10%.

Analysts Set New Price Targets

Several research analysts have issued reports on FIBK shares. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $28.00 to $32.00 in a research report on Tuesday, July 8th. Wall Street Zen raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a research report on Monday, June 23rd. Finally, Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and a consensus price target of $35.43.

Insider Buying and Selling

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $31.11, for a total transaction of $1,711,050.00. Following the transaction, the insider directly owned 584,256 shares in the company, valued at approximately $18,176,204.16. This represents a 8.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 8.20% of the stock is owned by insiders.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently made changes to their positions in the business. Intech Investment Management LLC raised its stake in shares of First Interstate BancSystem by 47.9% during the first quarter. Intech Investment Management LLC now owns 52,558 shares of the financial services provider's stock valued at $1,506,000 after acquiring an additional 17,016 shares in the last quarter. Jane Street Group LLC bought a new position in First Interstate BancSystem in the first quarter worth approximately $5,125,000. Jones Financial Companies Lllp increased its holdings in First Interstate BancSystem by 24,352.5% during the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock worth $708,000 after purchasing an additional 24,596 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in First Interstate BancSystem during the 1st quarter valued at $238,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in First Interstate BancSystem by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock valued at $1,353,000 after purchasing an additional 2,070 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Company Profile

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.