First Interstate BancSystem (NASDAQ:FIBK) Issues Earnings Results, Beats Expectations By $0.01 EPS
by Scott Moore · The Cerbat GemFirst Interstate BancSystem (NASDAQ:FIBK – Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01, FiscalAI reports. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The firm had revenue of $41.10 million for the quarter, compared to analysts’ expectations of $243.26 million.
First Interstate BancSystem Price Performance
FIBK traded down $1.24 during midday trading on Wednesday, hitting $34.44. The stock had a trading volume of 1,880,208 shares, compared to its average volume of 1,171,486. The company has a market cap of $3.48 billion, a P/E ratio of 11.67 and a beta of 0.77. The business has a fifty day moving average of $34.28 and a 200 day moving average of $34.40. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72. First Interstate BancSystem has a 1 year low of $24.76 and a 1 year high of $39.26.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. Barclays cut their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Friday, January 30th. DA Davidson reissued a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 29th. Keefe, Bruyette & Woods cut their price objective on First Interstate BancSystem from $39.00 to $38.00 and set an “outperform” rating for the company in a report on Thursday, April 9th. UBS Group lowered First Interstate BancSystem from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $38.00 to $35.00 in a report on Tuesday, April 7th. Finally, Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.00.
Read Our Latest Research Report on First Interstate BancSystem
Institutional Trading of First Interstate BancSystem
Hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC purchased a new stake in shares of First Interstate BancSystem during the fourth quarter valued at approximately $29,000. EverSource Wealth Advisors LLC boosted its stake 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 during the period. CIBC Private Wealth Group LLC purchased a new stake in shares of First Interstate BancSystem during the third quarter valued at approximately $52,000. Danske Bank A S purchased a new stake in shares of First Interstate BancSystem during the third quarter valued at approximately $57,000. Finally, Advisory Services Network LLC purchased a new stake in shares of First Interstate BancSystem during the third quarter valued at approximately $149,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.
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.