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

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.68 by $0.19, Zacks reports. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The business had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. During the same quarter in the previous year, the firm earned $0.69 EPS. First Interstate BancSystem's quarterly revenue was up 6.4% on a year-over-year basis.

First Interstate BancSystem Price Performance

NASDAQ:FIBK traded down $0.39 during mid-day trading on Friday, reaching $38.08. 495,097 shares of the company were exchanged, compared to its average volume of 1,180,736. 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 market cap of $3.70 billion, a PE ratio of 11.71 and a beta of 0.76. First Interstate BancSystem has a 12 month low of $27.60 and a 12 month high of $40.60. The company has a fifty day moving average of $37.43 and a 200 day moving average of $36.05.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 4.9%. First Interstate BancSystem's dividend payout ratio is currently 57.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group boosted their target price on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research note on Friday, May 1st. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. DA Davidson restated a "neutral" rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday. Wall Street Zen raised shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. Finally, Barclays raised their price objective on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $37.33.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were 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 $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider owned 488,359 shares of the company's stock, valued at $17,566,273.23. This trade represents a 2.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 32,392 shares of company stock valued at $1,161,552. Insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC raised its position in shares of First Interstate BancSystem by 2.7% during the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider's stock worth $491,000 after acquiring an additional 375 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in First Interstate BancSystem by 0.4% in the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock valued at $3,461,000 after acquiring an additional 397 shares during the last quarter. Altus Wealth Group LLC increased its position in First Interstate BancSystem by 2.8% during the 4th quarter. Altus Wealth Group LLC now owns 27,240 shares of the financial services provider's stock valued at $943,000 after purchasing an additional 745 shares during the period. Stifel Financial Corp raised its holdings in First Interstate BancSystem by 0.6% during the 4th quarter. Stifel Financial Corp now owns 125,054 shares of the financial services provider's stock worth $4,327,000 after purchasing an additional 768 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of First Interstate BancSystem in the 4th quarter worth approximately $29,000. 88.71% of the stock is owned by institutional investors and hedge funds.

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.

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