First Interstate BancSystem (NASDAQ:FIBK) Issues Earnings Results, Beats Expectations By $0.03 EPS

First Interstate BancSystem (NASDAQ:FIBK) released its quarterly earnings data on Thursday. The financial services provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03, Briefing.com reports. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. During the same period last year, the firm earned $0.66 earnings per share.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock traded up $0.20 during midday trading on Friday, hitting $32.35. The company had a trading volume of 744,709 shares, compared to its average volume of 755,029. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 12.89 and a beta of 0.82. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. The company has a fifty day simple moving average of $27.76 and a 200 day simple moving average of $27.17. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $33.00.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Thursday, July 18th. Stephens reissued an “overweight” rating and set a $32.00 price target on shares of First Interstate BancSystem in a research report on Monday, June 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $29.00 price target on shares of First Interstate BancSystem in a research report on Monday, June 17th. Piper Sandler increased their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Finally, Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.40.

Insider Activity at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 29,499 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the transaction, the director now owns 1,021,663 shares in the company, valued at approximately $25,837,857.27. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $746,029.71. Following the sale, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 209,831 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the sale, the insider now directly owns 879,869 shares in the company, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by insiders.

About First Interstate BancSystem

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.