First Interstate BancSystem (NASDAQ:FIBK) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

First Interstate BancSystem (NASDAQ:FIBK) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01, Zacks reports. First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%.

First Interstate BancSystem Stock Performance

Shares of FIBK stock traded down $0.38 during trading on Wednesday, reaching $32.86. 515,212 shares of the company’s stock were exchanged, compared to its average volume of 603,351. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77. The firm’s fifty day moving average price is $33.15 and its 200-day moving average price is $31.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $3.43 billion, a PE ratio of 14.41 and a beta of 0.85.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the sale, the insider now directly owns 635,069 shares in the company, valued at $20,817,561.82. This trade represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 in the last quarter. 6.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Keefe, Bruyette & Woods boosted their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. UBS Group started coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective for the company. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Wells Fargo & Company reduced their price target on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.