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

Key Points

• First Interstate BancSystem reported quarterly EPS of $0.87, topping Wall Street estimates by $0.19.
• The stock was down 0.8% in Thursday trading to $38.10, despite the earnings beat.
• The company paid a quarterly dividend of $0.47 per share, equal to an annualized yield of 4.9%.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) posted its earnings results on Thursday. The financial services provider reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.19, Zacks reports. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%.

First Interstate BancSystem Stock Down 0.8%

Shares of NASDAQ FIBK traded down $0.29 during mid-day trading on Thursday, hitting $38.10. The company had a trading volume of 1,759,245 shares, compared to its average volume of 1,167,481. The business's 50-day simple moving average is $37.02 and its 200 day simple moving average is $35.99. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. First Interstate BancSystem has a 1-year low of $27.60 and a 1-year high of $40.60. The company has a market capitalization of $3.70 billion, a PE ratio of 12.41 and a beta of 0.76.

First Interstate BancSystem Dividend Announcement

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

Insider Activity

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the transaction, the insider directly owned 866,628 shares of the company's stock, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem 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 represents a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,392 shares of company stock valued at $1,161,552 in the last quarter. Company insiders own 8.00% of the company's stock.

Institutional Trading of First Interstate BancSystem

Institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of First Interstate BancSystem by 21.7% in the 4th quarter. Invesco Ltd. now owns 370,064 shares of the financial services provider's stock valued at $12,804,000 after acquiring an additional 66,038 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in First Interstate BancSystem by 32.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 19,865 shares of the financial services provider's stock valued at $687,000 after acquiring an additional 4,829 shares during the last quarter. State of Tennessee Department of Treasury acquired a new position in First Interstate BancSystem in the fourth quarter valued at $705,000. XTX Topco Ltd purchased a new position in shares of First Interstate BancSystem during the fourth quarter worth about $1,664,000. Finally, nVerses Capital LLC purchased a new position in shares of First Interstate BancSystem during the fourth quarter worth about $334,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. DA Davidson lowered shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Monday, June 22nd. Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, April 2nd. Finally, UBS Group upped their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $37.33.

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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