First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down After Earnings Miss

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) shares gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $27.79, but opened at $25.49. First Interstate BancSystem shares last traded at $25.01, with a volume of 212,988 shares traded.

The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The firm's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 7.04%. The ex-dividend date is Monday, May 12th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 89.10%.

Analysts Set New Price Targets

A number of research firms have commented on FIBK. StockNews.com downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Friday. Stephens reduced their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, January 31st. Barclays lowered their target price on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Piper Sandler cut their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Finally, DA Davidson reissued a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $35.00.

Insider Activity

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares in the company, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company's stock.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the stock. Evergreen Capital Management LLC grew its holdings in shares of First Interstate BancSystem by 1.9% in the fourth quarter. Evergreen Capital Management LLC now owns 24,580 shares of the financial services provider's stock valued at $798,000 after purchasing an additional 468 shares in the last quarter. Covestor Ltd boosted its stake in shares of First Interstate BancSystem by 25.8% in the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after buying an additional 510 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of First Interstate BancSystem by 7.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,872 shares of the financial services provider's stock valued at $385,000 after acquiring an additional 807 shares during the period. Wood Tarver Financial Group LLC acquired a new position in First Interstate BancSystem during the fourth quarter worth about $26,000. Finally, Swiss National Bank lifted its holdings in First Interstate BancSystem by 0.5% in the 4th quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock valued at $6,008,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

The company has a 50-day moving average of $27.58 and a two-hundred day moving average of $30.95. The stock has a market capitalization of $2.79 billion, a PE ratio of 12.20 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.

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.