First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down on Disappointing Earnings

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. 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 trading hands.

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

Analyst Ratings Changes

FIBK has been the topic of a number of recent research reports. DA Davidson reaffirmed a "buy" rating and issued a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler reduced their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Barclays lowered their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a report on Tuesday, April 8th. Stephens decreased their price objective on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. Finally, StockNews.com raised shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $35.00.

Insider Transactions at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the company's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares of the company's stock, valued at $46,068,688.16. This represents a 0.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the business. Wood Tarver Financial Group LLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth about $26,000. JNBA Financial Advisors bought a new stake in First Interstate BancSystem during the first quarter worth approximately $29,000. Meeder Asset Management Inc. purchased a new stake in First Interstate BancSystem during the fourth quarter valued at approximately $69,000. Covestor Ltd lifted its stake in shares of First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 510 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in shares of First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,231 shares during the period. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Down 9.4 %

The company has a market cap of $2.63 billion, a PE ratio of 11.46 and a beta of 0.81. The company has a fifty day moving average of $27.83 and a two-hundred day moving average of $31.07. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.