First Interstate BancSystem (NASDAQ:FIBK) Announces Earnings Results

First Interstate BancSystem (NASDAQ:FIBK) announced its earnings results on Thursday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping 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%. The firm had revenue of $99.10 million for the quarter, compared to analyst estimates of $249.32 million.

First Interstate BancSystem Trading Down 0.9%

First Interstate BancSystem stock traded down $0.33 during trading hours on Thursday, reaching $38.06. 1,759,266 shares of the company’s stock were exchanged, compared to its average volume of 1,168,727. 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 firm’s 50 day simple moving average is $37.02 and its 200 day simple moving average is $35.99. First Interstate BancSystem has a twelve month low of $27.60 and a twelve month high of $40.60. The firm has a market capitalization of $3.70 billion, a PE ratio of 12.40 and a beta of 0.76.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a dividend of $0.47 per share. The ex-dividend date of this dividend 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%.

Wall Street Analyst Weigh In

FIBK has been the topic of a number of recent research reports. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Piper Sandler reduced their price objective 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. Barclays upped their price objective on First Interstate BancSystem from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Finally, DA Davidson downgraded shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and cut their target price for the stock from $41.00 to $39.00 in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $37.33.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 32,392 shares of company stock worth $1,161,552. Corporate insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Advisory Services LLC purchased a new position in First Interstate BancSystem during the 4th quarter worth $29,000. EverSource Wealth Advisors LLC lifted its position in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in First Interstate BancSystem during the third quarter worth about $52,000. Danske Bank A S bought a new stake in First Interstate BancSystem in the 3rd quarter worth about $57,000. Finally, Advisory Services Network LLC bought a new stake in First Interstate BancSystem in the 3rd quarter worth about $149,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

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.