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

First Interstate BancSystem (NASDAQ:FIBK) posted its earnings results 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 return on equity of 8.22% and a net margin of 17.76%. During the same quarter in the prior year, the company earned $0.66 earnings per share.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded up $0.20 during trading on Friday, reaching $32.35. 744,771 shares of the stock traded hands, compared to its average volume of 803,161. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50-day moving average of $27.76 and a 200-day moving average of $27.15. The stock has a market capitalization of $3.38 billion, a P/E ratio of 12.89 and a beta of 0.82.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.81%. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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

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.